Truist Financial Corp Sells 1,659 Shares of Ellington Credit (NYSE:EARN)

Truist Financial Corp lowered its stake in shares of Ellington Credit (NYSE:EARN) by 14.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,085 shares of the real estate investment trust’s stock after selling 1,659 shares during the quarter. Truist Financial Corp’s holdings in Ellington Credit were worth $70,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in EARN. Inspire Advisors LLC lifted its stake in shares of 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 buying an additional 1,903 shares during the last quarter. Quadrature Capital Ltd grew its stake in Ellington Credit by 18.1% in the 4th quarter. Quadrature Capital Ltd now owns 34,843 shares of the real estate investment trust’s stock valued at $214,000 after buying an additional 5,337 shares during the last quarter. Virtu Financial LLC bought a new position in Ellington Credit in the 4th quarter worth $217,000. Finally, Renaissance Technologies LLC lifted its position in Ellington Credit by 78.5% during the 2nd quarter. Renaissance Technologies LLC now owns 642,419 shares of the real estate investment trust’s stock worth $4,465,000 after acquiring an additional 282,600 shares during the last quarter. Institutional investors and hedge funds own 20.40% of the company’s stock.

Ellington Credit Price Performance

EARN stock opened at $7.03 on Monday. The stock has a market capitalization of $143.94 million, a price-to-earnings ratio of 24.24 and a beta of 1.87. The company has a 50-day moving average of $6.91 and a two-hundred day moving average of $6.93. Ellington Credit has a 52-week low of $5.09 and a 52-week high of $7.26.

Ellington Credit (NYSE:EARN) last announced its earnings results on Monday, August 12th. The real estate investment trust reported $0.36 earnings per share 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 the consensus estimate of $6.35 million. During the same quarter in the previous year, the company earned $0.17 EPS. Equities analysts expect that Ellington Credit will post 1.16 EPS for the current fiscal year.

Ellington Credit Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, November 25th. Stockholders 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 dividend yield of 13.66%. Ellington Credit’s payout ratio is 331.03%.

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.