Ellington Residential Mortgage REIT (NYSE:EARN) to Issue Monthly Dividend of $0.08

Ellington Residential Mortgage REIT (NYSE:EARN – Get Rating) declared a monthly dividend on Thursday, August 4th, Zacks reports. Investors of record on Wednesday, August 31st will be paid a dividend of 0.08 per share by the real estate investment trust on Monday, September 26th. This represents a $0.96 annualized dividend and a yield of 11.44%. The ex-dividend date is Tuesday, August 30th.

Ellington Residential Mortgage REIT has a payout ratio of 88.9% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect Ellington Residential Mortgage REIT to earn $1.30 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 73.8%.

Ellington Residential Mortgage REIT Price Performance

Shares of EARN stock opened at $8.39 on Friday. The stock has a market cap of $109.99 million, a P/E ratio of -4.58 and a beta of 1.68. Ellington Residential Mortgage REIT has a one year low of $6.40 and a one year high of $12.44. The stock has a fifty day moving average price of $7.79 and a 200 day moving average price of $8.87.

Institutional Trading of Ellington Residential Mortgage REIT

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Ellington Residential Mortgage REIT by 2.2% in the first quarter. Vanguard Group Inc. now owns 540,891 shares of the real estate investment trust’s stock valued at $5,458,000 after buying an additional 11,504 shares in the last quarter. State Street Corp increased its position in Ellington Residential Mortgage REIT by 22.4% in the first quarter. State Street Corp now owns 54,324 shares of the real estate investment trust’s stock worth $553,000 after purchasing an additional 9,953 shares during the period. Royal Bank of Canada increased its position in Ellington Residential Mortgage REIT by 14.6% in the first quarter. Royal Bank of Canada now owns 48,998 shares of the real estate investment trust’s stock worth $495,000 after purchasing an additional 6,255 shares during the period. Envestnet Asset Management Inc. increased its position in Ellington Residential Mortgage REIT by 20.3% in the second quarter. Envestnet Asset Management Inc. now owns 38,981 shares of the real estate investment trust’s stock worth $291,000 after purchasing an additional 6,580 shares during the period. Finally, Advisor Group Holdings Inc. increased its position in Ellington Residential Mortgage REIT by 13.5% in the first quarter. Advisor Group Holdings Inc. now owns 35,111 shares of the real estate investment trust’s stock worth $344,000 after purchasing an additional 4,182 shares during the period. 27.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on EARN. Credit Suisse Group cut their price objective on Ellington Residential Mortgage REIT to $9.00 and set a “na” rating for the company in a report on Monday, May 16th. StockNews.com cut Ellington Residential Mortgage REIT from a “hold” rating to a “sell” rating in a report on Thursday, May 26th. Finally, Piper Sandler cut their price objective on Ellington Residential Mortgage REIT from $10.50 to $9.00 and set an “overweight” rating for the company in a report on Tuesday, June 28th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Ellington Residential Mortgage REIT currently has an average rating of “Hold” and a consensus price target of $10.25.

Ellington Residential Mortgage REIT Company Profile

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Ellington Residential Mortgage REIT, a real estate investment trust, specializes in acquiring, investing in, and managing 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 comprising non-agency CMOs, such as investment grade and non-investment grade.