Ellington Residential Mortgage REIT (EARN) Releases Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Ellington Residential Mortgage REIT (NYSE:EARN) released its quarterly earnings results on Thursday. The real estate investment trust reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.03), Bloomberg Earnings reports. The firm had revenue of $6.98 million for the quarter. Ellington Residential Mortgage REIT had a net margin of 40.44% and a return on equity of 12.02%.

Shares of Ellington Residential Mortgage REIT (NYSE EARN) traded up $0.24 during trading on Friday, reaching $10.69. The company had a trading volume of 128,245 shares, compared to its average volume of 127,971. Ellington Residential Mortgage REIT has a one year low of $10.23 and a one year high of $15.74. The company has a market cap of $139.36, a PE ratio of 9.99 and a beta of 0.45.

The business also recently announced a quarterly dividend, which was paid on Thursday, January 25th. Investors of record on Friday, December 29th were issued a $0.37 dividend. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $1.48 dividend on an annualized basis and a yield of 13.84%. Ellington Residential Mortgage REIT’s dividend payout ratio is currently 138.32%.

EARN has been the topic of several research analyst reports. BidaskClub cut Ellington Residential Mortgage REIT from a “sell” rating to a “strong sell” rating in a report on Friday, November 3rd. Zacks Investment Research raised Ellington Residential Mortgage REIT from a “sell” rating to a “hold” rating in a report on Tuesday, January 2nd. Finally, ValuEngine cut Ellington Residential Mortgage REIT from a “strong-buy” rating to a “buy” rating in a report on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $14.67.

Ellington Residential Mortgage REIT declared that its Board of Directors has approved a share buyback program on Thursday, February 8th that authorizes the company to repurchase 1,200,000 outstanding shares. This repurchase authorization authorizes the real estate investment trust to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

An institutional investor recently bought a new position in Ellington Residential Mortgage REIT stock. State Street Corp bought a new position in Ellington Residential Mortgage REIT (NYSE:EARN) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 89,069 shares of the real estate investment trust’s stock, valued at approximately $1,306,000. State Street Corp owned 0.67% of Ellington Residential Mortgage REIT as of its most recent filing with the SEC. 66.10% of the stock is currently owned by institutional investors.

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Ellington Residential Mortgage REIT Company Profile

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.

Earnings History for Ellington Residential Mortgage REIT (NYSE:EARN)

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