Ellington Financial Inc. (NYSE:EFC – Get Free Report) declared a monthly dividend on Thursday, March 7th, Zacks reports. Shareholders of record on Friday, March 29th will be given a dividend of 0.13 per share by the financial services provider on Thursday, April 25th. This represents a $1.56 annualized dividend and a yield of 13.39%. The ex-dividend date of this dividend is Wednesday, March 27th.
Ellington Financial has increased its dividend payment by an average of 11.4% per year over the last three years and has increased its dividend every year for the last 1 years. Ellington Financial has a dividend payout ratio of 105.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Ellington Financial to earn $1.74 per share next year, which means the company may not be able to cover its $1.80 annual dividend with an expected future payout ratio of 103.4%.
Ellington Financial Trading Down 1.4 %
NYSE:EFC opened at $11.65 on Monday. The firm has a market cap of $991.42 million, a P/E ratio of 12.94 and a beta of 1.92. The company has a current ratio of 46.75, a quick ratio of 46.75 and a debt-to-equity ratio of 11.30. The stock’s 50 day simple moving average is $11.98 and its 200-day simple moving average is $12.47. Ellington Financial has a 12-month low of $10.89 and a 12-month high of $14.21.
Institutional Investors Weigh In On Ellington Financial
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its stake in Ellington Financial by 126.5% during the first quarter. PNC Financial Services Group Inc. now owns 1,359 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 759 shares during the last quarter. Captrust Financial Advisors acquired a new stake in shares of Ellington Financial in the second quarter valued at about $33,000. Tower Research Capital LLC TRC raised its holdings in shares of Ellington Financial by 65.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,742 shares of the financial services provider’s stock valued at $38,000 after buying an additional 1,086 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Ellington Financial during the 1st quarter valued at about $62,000. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of Ellington Financial during the 3rd quarter valued at about $45,000. 55.62% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several brokerages have recently issued reports on EFC. Keefe, Bruyette & Woods reduced their price objective on Ellington Financial from $14.00 to $13.25 and set an “outperform” rating on the stock in a research report on Wednesday, February 28th. UBS Group started coverage on Ellington Financial in a research report on Wednesday, December 6th. They issued a “neutral” rating and a $13.50 price objective on the stock. Finally, StockNews.com upgraded Ellington Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, March 6th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.06.
View Our Latest Report on Ellington Financial
Ellington Financial Company Profile
Ellington Financial Inc, through its subsidiary, Ellington Financial Operating Partnership LLC, acquires and manages mortgage-related, consumer-related, corporate-related, and other financial assets in the United States. The company acquires and manages residential mortgage-backed securities (RMBS) backed by prime jumbo, Alt-A, manufactured housing, and subprime mortgage; RMBS for which the principal and interest payments are guaranteed by the U.S.
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