Ellington Residential Mortgage REIT (EARN) Authorizes Stock Repurchase Plan

Ellington Residential Mortgage REIT (NYSE:EARN) announced that its board has approved a stock repurchase program, which allows the company to buyback 1,200,000 shares on Thursday, February 8th, EventVestor reports. This buyback authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Shares of Ellington Residential Mortgage REIT (NYSE EARN) traded up $0.35 during trading on Friday, reaching $10.80. The company’s stock had a trading volume of 33,268 shares, compared to its average volume of 131,010. Ellington Residential Mortgage REIT has a 12-month low of $10.23 and a 12-month high of $15.74. The firm has a market capitalization of $139.23, a PE ratio of 9.77 and a beta of 0.45.

Ellington Residential Mortgage REIT (NYSE:EARN) last announced its quarterly earnings data on Thursday, February 8th. The real estate investment trust reported $0.41 EPS for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.02). Ellington Residential Mortgage REIT had a net margin of 40.44% and a return on equity of 12.02%. equities analysts expect that Ellington Residential Mortgage REIT will post 1.86 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 25th. Shareholders of record on Friday, December 29th were paid 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 13.70%. Ellington Residential Mortgage REIT’s dividend payout ratio (DPR) is presently 138.32%.

Several equities research analysts recently commented on EARN shares. BidaskClub cut Ellington Residential Mortgage REIT from a “sell” rating to a “strong sell” rating in a research note on Friday, November 3rd. Zacks Investment Research cut Ellington Residential Mortgage REIT from a “hold” rating to a “sell” rating in a research note on Tuesday, November 14th. Finally, ValuEngine cut Ellington Residential Mortgage REIT from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $14.67.

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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.

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