Ellington Credit (NYSE:EARN - Get Free Report) was the recipient of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 445,000 shares, a growth of 79.1% from the September 15th total of 248,400 shares. Based on an average daily volume of 417,700 shares, the days-to-cover ratio is currently 1.1 days.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in EARN. Inspire Advisors LLC boosted its holdings in Ellington Credit by 18.1% in the first quarter. Inspire Advisors LLC now owns 12,426 shares of the real estate investment trust's stock worth $86,000 after acquiring an additional 1,903 shares in the last quarter. Quadrature Capital Ltd increased its position in Ellington Credit by 18.1% in the fourth quarter. Quadrature Capital Ltd now owns 34,843 shares of the real estate investment trust's stock worth $214,000 after buying an additional 5,337 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Ellington Credit during the fourth quarter worth about $217,000. Finally, Renaissance Technologies LLC grew its position in shares of Ellington Credit by 78.5% during the second quarter. Renaissance Technologies LLC now owns 642,419 shares of the real estate investment trust's stock worth $4,465,000 after purchasing an additional 282,600 shares in the last quarter. 20.40% of the stock is owned by hedge funds and other institutional investors.
EARN stock remained flat at $6.74 during midday trading on Friday. The company's stock had a trading volume of 221,160 shares, compared to its average volume of 313,124. Ellington Credit has a 12-month low of $5.09 and a 12-month high of $7.26. The firm has a 50 day moving average price of $6.88 and a 200 day moving average price of $6.92. The company has a market capitalization of $138.00 million, a PE ratio of 23.24 and a beta of 1.87.
Ellington Credit (NYSE:EARN - Get Free Report) last posted its earnings results on Monday, August 12th. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.12. The business had revenue of $3.90 million for the quarter, compared to analysts' expectations of $6.35 million. During the same period last year, the firm posted $0.17 earnings per share. Equities research analysts predict that Ellington Credit will post 1.16 EPS for the current year.
The company also recently declared a monthly dividend, which will be paid on Monday, November 25th. Investors of record on Thursday, October 31st will be paid a $0.08 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $0.96 annualized dividend and a yield of 14.24%. Ellington Credit's payout ratio is 331.03%.
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.
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