Ellington Financial (NYSE:EFC) Hits New 52-Week Low – Here’s What Happened

Ellington Financial Inc. (NYSE:EFC)’s stock price reached a new 52-week low during trading on Thursday. The company traded as low as $10.98 and last traded at $11.0850, with a volume of 204,114 shares traded. The stock had previously closed at $11.17.

Analyst Ratings Changes

Several analysts recently weighed in on EFC shares. UBS Group boosted their price objective on Ellington Financial from $14.00 to $14.50 and gave the company a “neutral” rating in a report on Wednesday, August 19th. Weiss Ratings downgraded Ellington Financial from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Wall Street Zen lowered Ellington Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 7th. JonesTrading decreased their target price on Ellington Financial from $14.50 to $13.00 and set a “buy” rating for the company in a research report on Thursday, November 5th. Finally, Piper Sandler lowered their price target on Ellington Financial from $15.00 to $14.00 and set an “overweight” rating for the company in a report on Friday, October 9th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Ellington Financial has an average rating of “Hold” and an average price target of $13.83.

Ellington Financial Price Performance

The company has a market capitalization of $1.45 billion, a P/E ratio of 6.70 and a beta of 1.01. The company has a fifty day moving average price of $12.04 and a 200 day moving average price of $12.80. The company has a debt-to-equity ratio of 10.57, a current ratio of 43.60 and a quick ratio of 52.06.

Ellington Financial (NYSE:EFC) last announced its quarterly earnings results on Wednesday, November 4th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.02). The company had revenue of $117.72 million during the quarter, compared to the consensus estimate of $125.83 million. Ellington Financial had a return on equity of 15.83% and a net margin of 41.95%. On average, sell-side analysts forecast that Ellington Financial Inc. will post 2.07 EPS for the current fiscal year.

Ellington Financial Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Monday, November 30th will be paid a dividend of $0.13 per share. This represents a $1.56 dividend on an annualized basis and a yield of 14.0%. The ex-dividend date is Monday, November 30th. Ellington Financial’s dividend payout ratio is presently 93.98%.

Institutional Investors Weigh In On Ellington Financial

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in Ellington Financial in the second quarter valued at $284,144,000. Bank of New York Mellon Corp bought a new position in shares of Ellington Financial during the second quarter worth about $11,133,000. First Trust Advisors LP increased its holdings in shares of Ellington Financial by 263.7% in the 1st quarter. First Trust Advisors LP now owns 593,740 shares of the financial services provider’s stock worth $7,036,000 after acquiring an additional 430,477 shares during the period. Bank of America Corp DE increased its holdings in shares of Ellington Financial by 234.3% in the 1st quarter. Bank of America Corp DE now owns 537,199 shares of the financial services provider’s stock worth $6,366,000 after acquiring an additional 376,528 shares during the period. Finally, State Street Corp increased its holdings in shares of Ellington Financial by 7.5% in the 2nd quarter. State Street Corp now owns 4,952,930 shares of the financial services provider’s stock worth $68,043,000 after acquiring an additional 347,567 shares during the period. 55.62% of the stock is currently owned by institutional investors.

Ellington Financial Company Profile

Ellington Financial Inc. is a real estate investment trust that invests in a diversified portfolio of financial assets, with a focus on mortgage-related investments. Its holdings include residential and commercial mortgage loans and securities, as well as other asset-backed and consumer-related investments. The company seeks to generate income and returns through investing in, financing and managing these assets. Its portfolio may include mortgage servicing rights and other investments related to residential and commercial real estate.