Greenwich Investment Management Inc. lessened its stake in Ellington Financial LLC (NYSE:EFC) by 11.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,902 shares of the financial services provider’s stock after selling 7,936 shares during the period. Ellington Financial accounts for 1.3% of Greenwich Investment Management Inc.’s portfolio, making the stock its 25th largest holding. Greenwich Investment Management Inc.’s holdings in Ellington Financial were worth $912,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of EFC. Goldman Sachs Group Inc. acquired a new stake in Ellington Financial during the 2nd quarter worth $405,000. Global X MANAGEMENT CO LLC grew its holdings in Ellington Financial by 5.7% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 526,255 shares of the financial services provider’s stock worth $8,310,000 after acquiring an additional 28,233 shares during the period. Tahithromos L.L.C. grew its holdings in Ellington Financial by 15.2% during the 3rd quarter. Tahithromos L.L.C. now owns 140,189 shares of the financial services provider’s stock worth $2,214,000 after acquiring an additional 18,544 shares during the period. BB&T Securities LLC grew its holdings in shares of Ellington Financial by 21.4% in the 3rd quarter. BB&T Securities LLC now owns 57,249 shares of the financial services provider’s stock valued at $903,000 after buying an additional 10,107 shares during the period. Finally, Wasatch Advisors Inc. acquired a new position in shares of Ellington Financial in the 4th quarter valued at $222,000. Hedge funds and other institutional investors own 45.37% of the company’s stock.
Several brokerages have recently issued reports on EFC. Keefe, Bruyette & Woods set a $17.00 price target on shares of Ellington Financial and gave the company a “hold” rating in a report on Monday, November 13th. ValuEngine raised shares of Ellington Financial from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Maxim Group reissued a “buy” rating and issued a $19.00 price target on shares of Ellington Financial in a report on Wednesday, February 14th. B. Riley set a $16.00 price target on shares of Ellington Financial and gave the company a “hold” rating in a report on Thursday, February 15th. Finally, Sandler O’Neill began coverage on shares of Ellington Financial in a report on Wednesday, December 6th. They issued a “buy” rating and a $17.00 price target for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $17.25.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Thursday, March 1st will be issued a $0.41 dividend. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 11.04%. Ellington Financial’s payout ratio is 156.19%.
Ellington Financial declared that its board has authorized a stock buyback plan on Tuesday, February 13th that authorizes the company to repurchase 1,550,000 outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
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Ellington Financial Profile
Ellington Financial LLC is a specialty finance company that acquires and manages mortgage-related and other financial assets. The Company’s targeted assets include residential mortgage-backed securities (RMBS), backed by loans for which the principal and interest payments are not guaranteed by a United States Government agency or a United States Government-sponsored entity, collectively referred to as non-Agency RMBS; RMBS for which the principal and interest payments are guaranteed by the United States government agency or the United States government-sponsored entity (Agency RMBS); consumer loans and asset-backed securities (ABS) backed by consumer loans; commercial mortgage-backed securities (CMBS) commercial mortgage loans and other commercial real estate debt; residential mortgage loans; collateralized loan obligations (CLOs); corporate debt and equity, including distressed debt and equity, and mortgage-related derivatives.
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