Ellington Credit (NYSE:EARN) Sees Significant Decrease in Short Interest

Ellington Credit (NYSE:EARN) was the target of a large drop in short interest in February. As of February 15th, there was short interest totalling 663,900 shares, a drop of 30.2% from the January 31st total of 951,200 shares. Based on an average daily volume of 576,100 shares, the days-to-cover ratio is currently 1.2 days.

Ellington Credit Price Performance

Shares of Ellington Credit stock traded down $0.03 during trading hours on Tuesday, hitting $6.40. The company had a trading volume of 877,259 shares, compared to its average volume of 672,614. The company’s 50-day moving average is $6.57 and its two-hundred day moving average is $6.71. The company has a market cap of $186.82 million, a P/E ratio of 5.72 and a beta of 1.85. Ellington Credit has a twelve month low of $5.95 and a twelve month high of $7.26.

Ellington Credit Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Friday, February 28th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $0.96 dividend on an annualized basis and a yield of 14.99%. Ellington Credit’s dividend payout ratio is presently 85.71%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Quantbot Technologies LP purchased a new stake in shares of Ellington Credit in the fourth quarter valued at approximately $30,000. FMR LLC lifted its holdings in Ellington Credit by 243.2% in the third quarter. FMR LLC now owns 4,839 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 3,429 shares during the period. State of Wyoming purchased a new stake in shares of Ellington Credit during the 4th quarter worth $49,000. Naviter Wealth LLC acquired a new position in shares of Ellington Credit during the 4th quarter worth $72,000. Finally, McIlrath & Eck LLC acquired a new position in shares of Ellington Credit during the 4th quarter worth $80,000. Institutional investors and hedge funds own 20.40% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Ellington Credit from a “sell” rating to a “hold” rating in a report on Wednesday, November 20th.

About Ellington Credit

Ellington Credit Company, 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.