Ellington Credit Company (NYSE:EARN) Shares Shorted: Short Interest Down 50.8% in October

by · The Markets Daily

Ellington Credit Company (NYSE:EARN – Get Free Report) was the recipient of a significant decrease in short interest in the month of October. As of October 15th, there was short interest totaling 370,210 shares, a decrease of 50.8% from the September 30th total of 752,067 shares. Currently, 1.0% of the shares of the company are short sold. Based on an average daily trading volume, of 640,420 shares, the short-interest ratio is presently 0.6 days.

Institutional Trading of Ellington Credit

A number of institutional investors have recently bought and sold shares of the business. McIlrath & Eck LLC raised its position in shares of Ellington Credit by 122.4% in the first quarter. McIlrath & Eck LLC now owns 10,969 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 6,038 shares in the last quarter. Focus Financial Network Inc. acquired a new stake in Ellington Credit during the second quarter worth approximately $154,000. Finally, Waverly Advisors LLC grew its position in Ellington Credit by 85.8% during the first quarter. Waverly Advisors LLC now owns 167,250 shares of the real estate investment trust’s stock worth $741,000 after buying an additional 77,250 shares in the last quarter. Institutional investors own 20.40% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Piper Sandler decreased their target price on Ellington Credit from $5.00 to $4.50 and set an “overweight” rating on the stock in a report on Monday, October 19th. One analyst has rated the stock with a Buy rating. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $5.25.

Check Out Our Latest Report on EARN

Ellington Credit Stock Down 4.1%

Shares of Ellington Credit stock traded down $0.15 on Friday, hitting $3.49. The stock had a trading volume of 455,497 shares, compared to its average volume of 560,868. The stock has a market cap of $133.22 million, a price-to-earnings ratio of -3.56 and a beta of 1.32. Ellington Credit has a twelve month low of $3.22 and a twelve month high of $5.72. The business’s 50 day moving average is $3.98 and its two-hundred day moving average is $4.54.

Ellington Credit (NYSE:EARN – Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The real estate investment trust reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.05). The company had revenue of $6.08 million during the quarter, compared to analyst estimates of $10.57 million.

Ellington Credit Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, November 30th. Shareholders of record on Friday, October 30th will be paid a $0.08 dividend. The ex-dividend date is Friday, October 30th. This represents a $0.96 annualized dividend and a yield of 27.5%. Ellington Credit’s payout ratio is -97.96%.

About Ellington Credit

(Get Free Report)

Ellington Credit Corporation (NYSE:EARN) is a real estate investment trust focused primarily on residential mortgage credit. The company invests in residential mortgage-backed securities, residential mortgage loans and other residential real estate-related assets, with an emphasis on credit-sensitive investments that may offer exposure to different segments of the housing finance market.

Ellington Credit is externally managed by Ellington Residential Mortgage LP, an affiliate of Ellington Management Group.

Further Reading