Ellington Credit (NYSE:EARN) Stock Crosses Below 200-Day Moving Average – Here’s What Happened

Shares of Ellington Credit (NYSE:EARN) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $6.83 and traded as low as $6.58. Ellington Credit shares last traded at $6.67, with a volume of 543,373 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Ellington Credit from a “sell” rating to a “hold” rating in a research report on Wednesday, November 20th.

Ellington Credit Stock Up 2.2 %

The firm’s 50 day simple moving average is $6.64 and its 200 day simple moving average is $6.83. The company has a market capitalization of $198.99 million, a PE ratio of 6.09 and a beta of 1.86.

Ellington Credit (NYSE:EARN) last issued its earnings results on Tuesday, November 12th. The real estate investment trust reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. The business had revenue of $4.75 million for the quarter, compared to analyst estimates of $7.55 million. Ellington Credit had a net margin of 226.01% and a return on equity of 15.81%. During the same period last year, the company posted $0.21 earnings per share. As a group, sell-side analysts predict that Ellington Credit will post 1.17 EPS for the current fiscal year.

Ellington Credit Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, January 27th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.96 annualized dividend and a yield of 14.08%. Ellington Credit’s dividend payout ratio (DPR) is 85.71%.

Hedge Funds Weigh In On Ellington Credit

Several institutional investors and hedge funds have recently modified their holdings of EARN. Renaissance Technologies LLC grew its holdings in shares of Ellington Credit by 78.5% during the second quarter. Renaissance Technologies LLC now owns 642,419 shares of the real estate investment trust’s stock worth $4,465,000 after buying an additional 282,600 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Ellington Credit during the third quarter worth $468,000. Clear Harbor Asset Management LLC acquired a new position in Ellington Credit in the third quarter valued at about $1,412,000. Thrivent Financial for Lutherans boosted its position in shares of Ellington Credit by 3.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 79,466 shares of the real estate investment trust’s stock worth $554,000 after purchasing an additional 2,895 shares during the period. Finally, Charles Schwab Investment Management Inc. acquired a new stake in shares of Ellington Credit in the third quarter valued at $170,000. Institutional investors and hedge funds own 20.40% of the company’s stock.

Ellington Credit Company Profile

Ellington Credit Company, a real estate investment trust, acquires, invests in, and manages residential mortgage-and real estate-related assets. It acquires and manages residential mortgage-backed securities (RMBS), including agency pools and agency collateralized mortgage obligations (CMOs); and non-agency RMBS, such as non-agency CMOs, such as investment grade and non-investment grade.