Ellington Credit to Issue Monthly Dividend of $0.08 (NYSE:EARN)

Ellington Credit (NYSE:EARN) announced a monthly dividend on Thursday, November 7th,Zacks Dividends reports. Shareholders of record on Friday, November 29th will be given a dividend of 0.08 per share by the real estate investment trust on Thursday, December 26th. This represents a $0.96 dividend on an annualized basis and a yield of 14.01%. The ex-dividend date is Friday, November 29th.

Ellington Credit has increased its dividend by an average of 39.3% annually over the last three years. Ellington Credit has a payout ratio of 84.2% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Ellington Credit to earn $1.13 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 85.0%.

Ellington Credit Price Performance

EARN opened at $6.85 on Thursday. The firm has a market cap of $197.28 million, a P/E ratio of 6.08 and a beta of 1.87. Ellington Credit has a 1-year low of $5.54 and a 1-year high of $7.26. The company has a 50 day simple moving average of $6.75 and a two-hundred day simple moving average of $6.90.

Ellington Credit (NYSE:EARN) last issued its earnings results on Tuesday, November 12th. The real estate investment trust reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.01. The company had revenue of $4.75 million during the quarter, compared to the consensus estimate of $7.55 million. Ellington Credit had a net margin of 226.01% and a return on equity of 15.81%. During the same quarter in the prior year, the firm posted $0.21 EPS. Equities analysts anticipate that Ellington Credit will post 1.17 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

About Ellington Credit

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.