Ellington Credit (NYSE:EARN) Sees Large Decline in Short Interest

Ellington Credit (NYSE:EARN) was the target of a large drop in short interest during the month of February. As of February 15th, there was short interest totalling 663,900 shares, a drop of 30.2% from the January 31st total of 951,200 shares. Based on an average daily trading volume, of 576,100 shares, the days-to-cover ratio is presently 1.2 days.

Ellington Credit Stock Performance

Ellington Credit stock traded up $0.02 during mid-day trading on Wednesday, reaching $6.39. The company’s stock had a trading volume of 209,495 shares, compared to its average volume of 661,477. The business’s 50 day simple moving average is $6.57 and its 200 day simple moving average is $6.71. Ellington Credit has a 12 month low of $6.00 and a 12 month high of $7.26. The company has a market capitalization of $186.30 million, a price-to-earnings ratio of 5.70 and a beta of 1.85.

Ellington Credit Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, March 25th. Investors of record on Friday, February 28th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.96 annualized dividend and a yield of 15.04%. Ellington Credit’s payout ratio is presently 85.71%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Wells Fargo & Company MN raised its stake in shares of Ellington Credit by 56,104,600.0% during the 4th quarter. Wells Fargo & Company MN now owns 1,122,094 shares of the real estate investment trust’s stock worth $7,428,000 after purchasing an additional 1,122,092 shares in the last quarter. Susquehanna International Group LLP lifted its stake in Ellington Credit by 570.4% in the fourth quarter. Susquehanna International Group LLP now owns 481,669 shares of the real estate investment trust’s stock valued at $3,189,000 after acquiring an additional 409,817 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Ellington Credit in the fourth quarter valued at $955,000. Castlekeep Investment Advisors LLC acquired a new position in shares of Ellington Credit during the 4th quarter worth about $744,000. Finally, 683 Capital Management LLC acquired a new position in shares of Ellington Credit during the 4th quarter worth about $718,000. 20.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

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.