Ellington Credit (NYSE:EARN) Stock Crosses Below Two Hundred Day Moving Average – Here’s What Happened

Ellington Credit Company (NYSE:EARN) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $4.87 and traded as low as $4.29. Ellington Credit shares last traded at $4.3850, with a volume of 231,910 shares traded.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Ellington Credit from a “sell” rating to a “hold” rating in a research note on Saturday, April 4th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $5.75.

Ellington Credit Trading Up 1.5%

The firm has a market capitalization of $164.79 million, a PE ratio of -4.22 and a beta of 1.27. The firm has a 50-day moving average of $4.64 and a two-hundred day moving average of $4.87.

Ellington Credit (NYSE:EARN) last issued its earnings results on Wednesday, May 20th. The real estate investment trust reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.03). The company had revenue of $9.87 million during the quarter, compared to analysts’ expectations of $10.57 million.

Ellington Credit Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th will be paid a $0.08 dividend. This represents a c) annualized dividend and a dividend yield of 21.9%. The ex-dividend date of this dividend is Tuesday, June 30th. Ellington Credit’s payout ratio is currently -92.31%.

Institutional Trading of Ellington Credit

Institutional investors and hedge funds have recently bought and sold shares of the business. Millennium Management LLC grew its stake in Ellington Credit by 485.8% during the first quarter. Millennium Management LLC now owns 932,326 shares of the real estate investment trust’s stock worth $5,044,000 after buying an additional 773,169 shares during the period. Goldman Sachs Group Inc. increased its holdings in Ellington Credit by 56.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 126,864 shares of the real estate investment trust’s stock valued at $686,000 after purchasing an additional 45,845 shares in the last quarter. Osaic Holdings Inc. raised its position in Ellington Credit by 60.3% in the second quarter. Osaic Holdings Inc. now owns 104,689 shares of the real estate investment trust’s stock valued at $602,000 after purchasing an additional 39,392 shares during the period. Envestnet Asset Management Inc. raised its position in Ellington Credit by 6.5% in the third quarter. Envestnet Asset Management Inc. now owns 76,237 shares of the real estate investment trust’s stock valued at $415,000 after purchasing an additional 4,675 shares during the period. Finally, HighTower Advisors LLC acquired a new position in shares of Ellington Credit during the fourth quarter worth about $369,000. Institutional investors and hedge funds own 20.40% of the company’s stock.

About Ellington Credit

Ellington Credit Income Fund (NYSE: EARN) is a closed-end management investment company that seeks to generate current income through a diversified portfolio of mortgage- and asset-backed securities. The fund primarily invests in residential mortgage-backed securities (RMBS) and asset-backed securities (ABS), with additional exposure to commercial mortgage-backed securities (CMBS) and related structured credit instruments. To enhance income and manage risk, the fund employs leverage and derivative strategies such as interest rate swaps and credit default swaps, allowing it to adjust duration and credit exposure dynamically.

The fund is externally managed and advised by Ellington Management Group, LLC, an established investment firm specializing in mortgage credit and structured products.