Ellington Residential Mortgage REIT (NYSE:EARN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage currently has a $16.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.65% from the stock’s current price.

According to Zacks, “Ellington Residential Mortgage REIT is a real estate investment trust that specializes in acquiring, investing in and managing residential mortgage and real estate-related assets. Ellington Residential Mortgage REIT is based in United States. “

Separately, Deutsche Bank AG decreased their price target on Ellington Residential Mortgage REIT from $14.50 to $14.00 and set a “hold” rating for the company in a report on Wednesday, August 2nd.

Ellington Residential Mortgage REIT (NYSE:EARN) traded down 0.41% during midday trading on Friday, reaching $14.46. The company’s stock had a trading volume of 108,495 shares. Ellington Residential Mortgage REIT has a 1-year low of $12.21 and a 1-year high of $15.74. The stock’s 50-day moving average price is $14.58 and its 200 day moving average price is $14.69. The firm has a market capitalization of $190.94 million, a PE ratio of 11.21 and a beta of 0.64.

Ellington Residential Mortgage REIT (NYSE:EARN) last announced its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $0.47 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.47. The company had revenue of $6.86 million during the quarter. Ellington Residential Mortgage REIT had a return on equity of 12.25% and a net margin of 44.93%. Equities analysts anticipate that Ellington Residential Mortgage REIT will post $1.89 EPS for the current fiscal year.

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Several institutional investors have recently bought and sold shares of EARN. JPMorgan Chase & Co. lifted its holdings in shares of Ellington Residential Mortgage REIT by 639.1% in the 1st quarter. JPMorgan Chase & Co. now owns 7,539 shares of the real estate investment trust’s stock valued at $111,000 after purchasing an additional 6,519 shares during the last quarter. Bessemer Group Inc. purchased a new stake in Ellington Residential Mortgage REIT during the 2nd quarter valued at approximately $119,000. New York State Common Retirement Fund purchased a new stake in Ellington Residential Mortgage REIT during the 2nd quarter valued at approximately $130,000. BB&T Securities LLC raised its stake in Ellington Residential Mortgage REIT by 1.6% during the 1st quarter. BB&T Securities LLC now owns 10,235 shares of the real estate investment trust’s stock valued at $150,000 after acquiring an additional 160 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in Ellington Residential Mortgage REIT during the 2nd quarter valued at approximately $155,000. 62.11% of the stock is owned by institutional investors and hedge funds.

About Ellington Residential Mortgage REIT

Ellington Residential Mortgage REIT is a real estate investment trust. The Company conducts its business through its subsidiaries, EARN OP GP LLC and Ellington Residential Mortgage LP (the Operating Partnership). It specializes in acquiring, investing in and managing residential mortgage- and real estate-related assets.

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