Ellington Credit (NYSE:EARN) Shares Pass Below Two Hundred Day Moving Average – Here’s Why

Ellington Credit (NYSE:EARN)’s stock price crossed 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 Analyst Weigh In

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

Ellington Credit Price Performance

The stock has a market capitalization of $198.99 million, a P/E ratio of 6.09 and a beta of 1.86. The firm has a 50-day simple moving average of $6.64 and a 200 day simple moving average of $6.83.

Ellington Credit (NYSE:EARN) last posted its quarterly earnings results on Tuesday, November 12th. The real estate investment trust reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.01. The firm 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 period in the previous year, the firm posted $0.21 earnings per share. Sell-side analysts anticipate that Ellington Credit will post 1.17 earnings per share for the current fiscal year.

Ellington Credit Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, January 27th. Shareholders of record on Tuesday, December 31st will be paid a $0.08 dividend. The ex-dividend date of this dividend 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%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of EARN. FMR LLC grew its stake in Ellington Credit by 243.2% in the 3rd quarter. FMR LLC now owns 4,839 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 3,429 shares in the last quarter. Charles Schwab Investment Management Inc. purchased a new stake in Ellington Credit in the third quarter worth $170,000. Quadrature Capital Ltd purchased a new position in shares of Ellington Credit during the third quarter valued at approximately $220,000. Barclays PLC bought a new stake in Ellington Credit during the 3rd quarter valued at about $334,000. Finally, International Assets Investment Management LLC purchased a new stake in shares of Ellington Credit during the third quarter valued at $468,000. Institutional investors own 20.40% of the company’s stock.

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.