Ellington Financial (NYSE:EFC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Ellington Financial LLC is a finance company that engages in acquiring and managing mortgage-related assets, including residential mortgage backed securities, prime jumbo, Alternative A-paper and subprime residential mortgage loans. The Company’s targeted assets also include mortgage-related derivatives, corporate debt and equity securities and derivatives. Ellington Financial LLC is headquartered in Old Greenwich, USA. “
A number of other brokerages also recently issued reports on EFC. Maxim Group reiterated a “buy” rating and set a $19.00 price target on shares of Ellington Financial in a research report on Monday, April 9th. ValuEngine cut Ellington Financial from a “buy” rating to a “hold” rating in a report on Thursday, March 1st. Keefe, Bruyette & Woods reissued a “neutral” rating on shares of Ellington Financial in a report on Friday, February 16th. Finally, B. Riley set a $16.00 price objective on Ellington Financial and gave the company a “hold” rating in a report on Thursday, February 15th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $17.25.
Ellington Financial (NYSE:EFC) last issued its quarterly earnings results on Tuesday, February 13th. The financial services provider reported $0.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.26 by ($0.04). The business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $24.63 million. Ellington Financial had a net margin of 36.17% and a return on equity of 5.53%. equities research analysts expect that Ellington Financial will post 1.38 EPS for the current year.
Ellington Financial declared that its Board of Directors has authorized a share buyback plan on Tuesday, February 13th that permits the company to buyback 1,550,000 outstanding shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership raised its holdings in shares of Ellington Financial by 68.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 267,328 shares of the financial services provider’s stock valued at $3,879,000 after buying an additional 108,294 shares in the last quarter. Ranger Global Real Estate Advisors LLC raised its holdings in shares of Ellington Financial by 1.4% during the 4th quarter. Ranger Global Real Estate Advisors LLC now owns 686,512 shares of the financial services provider’s stock valued at $9,961,000 after buying an additional 9,450 shares in the last quarter. Edge Wealth Management LLC increased its stake in Ellington Financial by 640.0% in the 4th quarter. Edge Wealth Management LLC now owns 18,500 shares of the financial services provider’s stock worth $267,000 after purchasing an additional 16,000 shares during the period. West Family Investments Inc. increased its stake in Ellington Financial by 10.7% in the 4th quarter. West Family Investments Inc. now owns 489,584 shares of the financial services provider’s stock worth $7,104,000 after purchasing an additional 47,240 shares during the period. Finally, BBR Partners LLC increased its stake in Ellington Financial by 45.9% in the 4th quarter. BBR Partners LLC now owns 1,208,757 shares of the financial services provider’s stock worth $17,539,000 after purchasing an additional 380,000 shares during the period. 45.41% of the stock is currently owned by institutional investors.
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Ellington Financial Company Profile
Ellington Financial LLC, through its subsidiary Ellington Financial Operating Partnership LLC, operates as a specialty finance company in the United States. It primarily 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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