Ellington Residential Mortgage REIT (NYSE:EARN) Plans $0.08 Monthly Dividend

Ellington Residential Mortgage REIT (NYSE:EARN) declared a monthly dividend on Wednesday, May 8th, Wall Street Journal reports. Investors of record on Friday, May 31st will be paid a dividend of 0.08 per share by the real estate investment trust on Tuesday, June 25th. This represents a $0.96 dividend on an annualized basis and a yield of 13.66%. The ex-dividend date of this dividend is Friday, May 31st.

Ellington Residential Mortgage REIT has raised its dividend payment by an average of 39.3% annually over the last three years. Ellington Residential Mortgage REIT has a dividend payout ratio of 87.3% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities analysts expect Ellington Residential Mortgage REIT to earn $1.02 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 94.1%.

Ellington Residential Mortgage REIT Stock Down 0.4 %

Shares of NYSE:EARN opened at $7.03 on Thursday. The stock has a market cap of $139.33 million, a PE ratio of 27.04 and a beta of 1.86. The company’s fifty day moving average is $6.63 and its 200 day moving average is $6.20. Ellington Residential Mortgage REIT has a 52 week low of $5.09 and a 52 week high of $7.64.

Analysts Set New Price Targets

A number of brokerages recently commented on EARN. JMP Securities reiterated a “market perform” rating on shares of Ellington Residential Mortgage REIT in a research report on Thursday, April 18th. StockNews.com upgraded shares of Ellington Residential Mortgage REIT from a “sell” rating to a “hold” rating in a research report on Thursday, March 7th.

About Ellington Residential Mortgage REIT

Ellington Residential Mortgage REIT, 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.