Zacks Investment Research Lowers Ellington Residential Mortgage REIT (EARN) to Sell

Ellington Residential Mortgage REIT (NYSE:EARN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.

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. “

A number of other research analysts have also commented on the company. TheStreet lowered Ellington Residential Mortgage REIT from a “c” rating to a “d+” rating in a report on Friday, February 9th. ValuEngine lowered Ellington Residential Mortgage REIT from a “strong-buy” rating to a “buy” rating in a report on Friday, February 2nd. Finally, BidaskClub lowered Ellington Residential Mortgage REIT from a “sell” rating to a “strong sell” rating in a report on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $15.00.

Ellington Residential Mortgage REIT (NYSE EARN) traded down $0.03 on Wednesday, reaching $10.78. The company had a trading volume of 78,187 shares, compared to its average volume of 132,025. Ellington Residential Mortgage REIT has a twelve month low of $10.23 and a twelve month high of $15.74. The company has a market cap of $143.23, a PE ratio of 11.72 and a beta of 0.46.

Ellington Residential Mortgage REIT (NYSE:EARN) last posted its quarterly earnings results on Thursday, February 8th. The real estate investment trust reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). Ellington Residential Mortgage REIT had a net margin of 35.79% and a return on equity of 12.07%. The business had revenue of $6.98 million during the quarter. sell-side analysts predict that Ellington Residential Mortgage REIT will post 1.51 EPS for the current year.

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

A number of hedge funds and other institutional investors have recently modified their holdings of the business. California Public Employees Retirement System grew its holdings in Ellington Residential Mortgage REIT by 4.0% in the 2nd quarter. California Public Employees Retirement System now owns 41,700 shares of the real estate investment trust’s stock valued at $611,000 after buying an additional 1,600 shares in the last quarter. BB&T Securities LLC grew its holdings in Ellington Residential Mortgage REIT by 16.3% in the 3rd quarter. BB&T Securities LLC now owns 29,925 shares of the real estate investment trust’s stock valued at $434,000 after buying an additional 4,200 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Ellington Residential Mortgage REIT by 29.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 24,778 shares of the real estate investment trust’s stock worth $299,000 after purchasing an additional 5,607 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Ellington Residential Mortgage REIT by 16.8% during the 3rd quarter. Mackenzie Financial Corp now owns 46,033 shares of the real estate investment trust’s stock worth $668,000 after purchasing an additional 6,615 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Ellington Residential Mortgage REIT during the 3rd quarter worth $109,000. 65.44% of the stock is currently owned by hedge funds and other institutional investors.

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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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