Ellington Financial Inc (NYSE:EFC) was the target of a large drop in short interest in the month of July. As of July 31st, there was short interest totalling 504,500 shares, a drop of 20.0% from the June 30th total of 630,600 shares. Currently, 1.8% of the company’s stock are sold short. Based on an average trading volume of 348,100 shares, the days-to-cover ratio is presently 1.4 days.
A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. lifted its position in Ellington Financial by 79,127.4% during the 2nd quarter. BlackRock Inc. now owns 1,647,138 shares of the financial services provider’s stock worth $29,600,000 after acquiring an additional 1,645,059 shares during the period. Vanguard Group Inc. raised its stake in shares of Ellington Financial by 73.6% during the 2nd quarter. Vanguard Group Inc. now owns 1,173,872 shares of the financial services provider’s stock valued at $21,094,000 after buying an additional 497,822 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Ellington Financial by 421.5% during the 2nd quarter. Acadian Asset Management LLC now owns 492,520 shares of the financial services provider’s stock valued at $8,849,000 after buying an additional 398,068 shares during the last quarter. Morgan Stanley raised its stake in shares of Ellington Financial by 41.6% during the 2nd quarter. Morgan Stanley now owns 391,350 shares of the financial services provider’s stock valued at $7,032,000 after buying an additional 115,039 shares during the last quarter. Finally, ClariVest Asset Management LLC purchased a new position in shares of Ellington Financial during the 1st quarter valued at about $6,915,000. 53.66% of the stock is owned by institutional investors.
A number of analysts have recently weighed in on EFC shares. Zacks Investment Research raised Ellington Financial from a “hold” rating to a “strong-buy” rating and set a $20.00 price objective for the company in a research report on Friday, July 19th. Maxim Group reissued a “buy” rating and issued a $20.00 price objective on shares of Ellington Financial in a research report on Friday, August 9th.
Shares of Ellington Financial stock traded up $0.19 during trading on Thursday, reaching $17.61. The company’s stock had a trading volume of 6,189 shares, compared to its average volume of 430,978. The company has a debt-to-equity ratio of 3.43, a quick ratio of 70.32 and a current ratio of 70.32. The stock has a market capitalization of $599.77 million, a P/E ratio of 12.44 and a beta of 0.45. Ellington Financial has a 1-year low of $14.69 and a 1-year high of $18.50. The company has a 50-day moving average price of $17.79.
Ellington Financial (NYSE:EFC) last posted its quarterly earnings data on Monday, August 5th. The financial services provider reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.04. Ellington Financial had a return on equity of 8.67% and a net margin of 21.99%. The firm had revenue of $38.55 million during the quarter, compared to analysts’ expectations of $37.46 million. As a group, equities analysts predict that Ellington Financial will post 1.71 EPS for the current year.
The company also recently declared a monthly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Friday, August 30th will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, August 29th. This represents a $1.68 dividend on an annualized basis and a yield of 9.54%. Ellington Financial’s dividend payout ratio is currently 119.15%.
About Ellington Financial
Ellington Financial LLC, through its subsidiary Ellington Financial Operating Partnership LLC, operates as a specialty finance company in the United States. The company acquires and manages mortgage-related assets, including residential mortgage-backed securities (RMBS) backed by prime jumbo, Alt-A, manufactured housing, and subprime residential mortgage loans; RMBS for which the principal and interest payments are guaranteed by the U.S.
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