Ellington Financial (NYSE:EFC) downgraded by Zacks Investment Research

Ellington Financial (NYSE:EFC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note released Monday to investors, Zacks.com reports.

According to Zacks, “Ellington Financial LLC is a finance company engaged in acquiring and servicing mortgage-related assets, including residential mortgage-backed securities, jumbo prime loans, Alternative A-paper and subprime residential mortgage loans. The company’s targeted assets also include related derivative mortgage loans, corporate debt and equity securities and derivatives. Ellington Financial LLC is headquartered in Old Greenwich, USA.”

Other analysts have also recently published research reports on the company. JMP Securities raised its target price on Ellington Financial from $18.50 to $20.00 and gave the stock a “market outperforming” rating in a Monday, October 18 research note. Piper Sandler restated an “overweight” rating and published a target price of $19.50 on Ellington Financial shares in a research note on Monday, November 1. One analyst rated the stock with a sell rating, one gave the company a hold rating and three gave the company a buy rating. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $19.80.

EFC stock traded down $0.09 on Monday, hitting $17.70. 515,801 shares of the company were traded, against an average volume of 539,830. Ellington Financial has a 12-month low of $14.85 and a 12-month high of $19.60. The company has a 50-day moving average price of $17.34 and a two-hundred-day moving average price of $18.01. The company has a debt ratio of 3.21, a quick ratio of 66.70 and a current ratio of 66.69. The stock has a market capitalization of $1.02 billion, a P/E ratio of 5.12 and a beta of 2.08.

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Ellington Financial Inc (NYSE:EFC) last released its quarterly results on Monday, November 8. The financial services provider reported earnings per share of $0.46 for the quarter, matching Thomson Reuters consensus estimate of $0.46. The company posted revenue of $29.54 million for the quarter, versus a consensus estimate of $32.25 million. Ellington Financial had a return on equity of 10.29% and a net margin of 136.10%. In the same quarter of the previous year, the company achieved EPS of $0.41. Sell-side analysts expect Ellington Financial to post earnings per share of 1.85 for the current fiscal year.

Institutional investors have recently changed their stock portfolios. BlackRock Inc. increased its position in Ellington Financial shares by 90.6% during the second quarter. BlackRock Inc. now owns 8,452,666 shares of the financial services provider worth $161,870,000 after purchasing an additional 4,018,033 shares during the period. Ranger Global Real Estate Advisors LLC increased its stake in shares of Ellington Financial by 370.8% in the third quarter. Ranger Global Real Estate Advisors LLC now owns 1,973,533 shares of the financial services provider valued at $36,096,000 after acquiring an additional 1,554,362 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Ellington Financial shares by 179.6% in the second quarter. JPMorgan Chase & Co. now owns 1,598,745 shares of the financial services provider valued at $30,615,000 after acquiring an additional 1,026,870 shares last quarter. Millennium Management LLC increased its stake in shares of Ellington Financial by 596.8% in the third quarter. Millennium Management LLC now owns 1,156,738 shares of the financial services provider valued at $21,157,000 after acquiring an additional 990,742 shares last quarter. Finally, EMG Holdings LP acquired a new equity stake in Ellington Financial in the third quarter at a value of $16,246,000. Institutional investors hold 60.54% of the company’s shares.

Ellington Financial Company Profile

Ellington Financial, Inc operates as an investment trust. The company engages in the provision of investment services. It manages assets backed by mortgages, securities, loans and real estate debt. The company was founded on July 9, 2007 and is based in Old Greenwich, CT.

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