Ellington Financial (EFC) to Repurchase 1,550,000 Shares

Ellington Financial (NYSE:EFC) declared that its Board of Directors has approved a share buyback program, which authorizes the company to buyback 1,550,000 shares on Tuesday, February 13th, EventVestor reports. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Several equities research analysts recently weighed in on the company. B. Riley set a $16.00 target price on Ellington Financial and gave the stock a “hold” rating in a research note on Thursday. Maxim Group restated a “buy” rating and set a $19.00 target price on shares of Ellington Financial in a research note on Wednesday. Zacks Investment Research upgraded Ellington Financial from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 9th. Sandler O’Neill assumed coverage on Ellington Financial in a research note on Wednesday, December 6th. They set a “buy” rating and a $17.00 target price for the company. Finally, ValuEngine upgraded Ellington Financial from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. Ellington Financial presently has an average rating of “Hold” and a consensus price target of $17.25.

Shares of Ellington Financial (EFC) traded up $0.13 during midday trading on Thursday, reaching $15.08. The company’s stock had a trading volume of 30,607 shares, compared to its average volume of 107,025. The company has a debt-to-equity ratio of 1.91, a quick ratio of 3.90 and a current ratio of 3.90. Ellington Financial has a one year low of $14.19 and a one year high of $17.00. The stock has a market capitalization of $474.12, a PE ratio of 14.24 and a beta of 0.36.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, March 1st will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 10.88%. The ex-dividend date of this dividend is Wednesday, February 28th. Ellington Financial’s dividend payout ratio is currently 156.19%.

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Ellington Financial Company Profile

Ellington Financial LLC is a specialty finance company that acquires and manages mortgage-related and other financial assets. The Company’s targeted assets include residential mortgage-backed securities (RMBS), backed by loans for which the principal and interest payments are not guaranteed by a United States Government agency or a United States Government-sponsored entity, collectively referred to as non-Agency RMBS; RMBS for which the principal and interest payments are guaranteed by the United States government agency or the United States government-sponsored entity (Agency RMBS); consumer loans and asset-backed securities (ABS) backed by consumer loans; commercial mortgage-backed securities (CMBS) commercial mortgage loans and other commercial real estate debt; residential mortgage loans; collateralized loan obligations (CLOs); corporate debt and equity, including distressed debt and equity, and mortgage-related derivatives.

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