Ellington Financial (NYSE:EFC) Price Target Cut to $14.00

Ellington Financial (NYSE:EFC) had its price objective cut by analysts at JMP Securities from $14.50 to $14.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “market outperform” rating on the financial services provider’s stock. JMP Securities’ target price points to a potential upside of 10.15% from the company’s current price.

A number of other equities research analysts also recently weighed in on the company. BTIG Research decreased their price objective on Ellington Financial from $15.50 to $13.50 and set a “buy” rating on the stock in a report on Thursday, April 18th. Jonestrading began coverage on Ellington Financial in a research note on Friday, April 19th. They issued a “hold” rating on the stock. Finally, StockNews.com upgraded Ellington Financial from a “sell” rating to a “hold” rating in a research note on Thursday, May 2nd. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Ellington Financial presently has a consensus rating of “Moderate Buy” and an average target price of $13.85.

Ellington Financial Price Performance

Shares of EFC stock opened at $12.71 on Wednesday. The stock has a 50 day moving average of $12.29 and a two-hundred day moving average of $12.00. The company has a current ratio of 46.79, a quick ratio of 46.79 and a debt-to-equity ratio of 10.99. The company has a market capitalization of $1.08 billion, a P/E ratio of 19.86 and a beta of 1.97. Ellington Financial has a 12 month low of $10.88 and a 12 month high of $14.05.

Ellington Financial (NYSE:EFC) last announced its quarterly earnings data on Tuesday, May 7th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.07). Ellington Financial had a net margin of 66.65% and a return on equity of 10.51%. The business had revenue of $31.06 million during the quarter, compared to analyst estimates of $26.68 million. As a group, equities analysts expect that Ellington Financial will post 1.46 EPS for the current year.

Insider Activity at Ellington Financial

In other Ellington Financial news, CIO Michael W. Vranos sold 8,300 shares of the business’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $12.15, for a total value of $100,845.00. Following the transaction, the executive now owns 160,874 shares of the company’s stock, valued at $1,954,619.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Ellington Financial news, CIO Michael W. Vranos sold 8,300 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $12.15, for a total value of $100,845.00. Following the completion of the sale, the executive now owns 160,874 shares in the company, valued at approximately $1,954,619.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CIO Michael W. Vranos sold 5,900 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $12.12, for a total transaction of $71,508.00. Following the completion of the transaction, the executive now directly owns 179,655 shares of the company’s stock, valued at $2,177,418.60. The disclosure for this sale can be found here. Insiders sold 22,500 shares of company stock valued at $272,866 in the last three months. Corporate insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Ellington Financial by 1.0% during the first quarter. Vanguard Group Inc. now owns 4,879,336 shares of the financial services provider’s stock valued at $57,625,000 after acquiring an additional 45,979 shares during the period. Easterly Investment Partners LLC bought a new stake in Ellington Financial during the 1st quarter worth about $23,326,000. UBS Group AG lifted its position in Ellington Financial by 509.5% during the 4th quarter. UBS Group AG now owns 774,816 shares of the financial services provider’s stock valued at $9,848,000 after purchasing an additional 647,700 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Ellington Financial by 20.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 658,398 shares of the financial services provider’s stock valued at $8,368,000 after purchasing an additional 111,314 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Ellington Financial by 4.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 654,024 shares of the financial services provider’s stock worth $7,901,000 after buying an additional 27,392 shares during the period. 55.62% of the stock is currently owned by institutional investors.

Ellington Financial Company Profile

Ellington Financial Inc, through its subsidiary, Ellington Financial Operating Partnership LLC, acquires and manages mortgage-related, consumer-related, corporate-related, and other financial assets in the United States. The company acquires and manages residential mortgage-backed securities (RMBS) backed by prime jumbo, Alt-A, manufactured housing, and subprime mortgage; RMBS for which the principal and interest payments are guaranteed by the U.S.