Ellington Financial Inc. (NYSE:EFC – Get Rating)’s stock price reached a new 52-week low during mid-day trading on Monday after Piper Sandler lowered their price target on the stock from $17.50 to $15.00. Piper Sandler currently has an overweight rating on the stock. Ellington Financial traded as low as $10.81 and last traded at $10.81, with a volume of 3493 shares changing hands. The stock had previously closed at $11.37.
Other analysts also recently issued research reports about the company. Keefe, Bruyette & Woods downgraded Ellington Financial from an “outperform” rating to a “market perform” rating and set a $14.75 price objective on the stock. in a research note on Monday, July 18th. Credit Suisse Group lowered their target price on Ellington Financial to $17.00 in a research note on Friday, July 22nd. Finally, JMP Securities lowered their target price on Ellington Financial from $17.50 to $16.50 and set a “market outperform” rating on the stock in a research note on Thursday, August 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Ellington Financial presently has an average rating of “Hold” and an average price target of $16.25.
Hedge Funds Weigh In On Ellington Financial
Several large investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its holdings in shares of Ellington Financial by 126.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,359 shares of the financial services provider’s stock worth $25,000 after buying an additional 759 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Ellington Financial in the 2nd quarter worth approximately $29,000. Captrust Financial Advisors acquired a new position in shares of Ellington Financial in the 2nd quarter worth approximately $33,000. Private Trust Co. NA bought a new stake in Ellington Financial during the 2nd quarter worth approximately $45,000. Finally, Quantbot Technologies LP bought a new stake in Ellington Financial during the 1st quarter worth approximately $62,000. Institutional investors and hedge funds own 54.41% of the company’s stock.
Ellington Financial Stock Performance
The firm has a market capitalization of $659.31 million, a P/E ratio of -49.43 and a beta of 1.81. The company has a debt-to-equity ratio of 4.62, a quick ratio of 25.88 and a current ratio of 25.88. The stock has a 50-day moving average of $14.78 and a 200 day moving average of $15.48.
Ellington Financial Announces Dividend
The company also recently disclosed a monthly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Friday, September 30th will be given a $0.15 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $1.80 dividend on an annualized basis and a yield of 16.39%. Ellington Financial’s payout ratio is -782.61%.
About Ellington Financial
Ellington Financial Inc, through its subsidiary, Ellington Financial Operating Partnership LLC, acquires and manages mortgage-related, consumer-related, corporate-related, and other financial assets in the United States. The company acquires and manages residential mortgage-backed securities (RMBS) backed by prime jumbo, Alt-A, manufactured housing, and subprime residential mortgage loans; RMBS for which the principal and interest payments are guaranteed by the U.S.
