Ellington Financial (NYSE:EFC) Reaches New 1-Year High Following Earnings Beat

Ellington Financial Inc. (NYSE:EFC)’s share price reached a new 52-week high on Friday after the company announced better than expected quarterly earnings. The company traded as high as $13.77 and last traded at $13.68, with a volume of 379598 shares traded. The stock had previously closed at $13.17.

The financial services provider reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.07. The company had revenue of $38.13 million for the quarter, compared to analyst estimates of $112.88 million. Ellington Financial had a return on equity of 10.26% and a net margin of 106.40%.

Ellington Financial Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Friday, February 28th will be paid a $0.13 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 10.87%. The ex-dividend date of this dividend is Friday, February 28th. Ellington Financial’s dividend payout ratio is currently 119.08%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on EFC. JMP Securities reissued a “market outperform” rating and set a $14.00 target price on shares of Ellington Financial in a report on Thursday, January 23rd. B. Riley raised Ellington Financial to a “strong-buy” rating in a research note on Tuesday, January 7th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Ellington Financial currently has an average rating of “Moderate Buy” and an average price target of $13.75.

Institutional Trading of Ellington Financial

A number of large investors have recently added to or reduced their stakes in the business. Creative Planning bought a new stake in shares of Ellington Financial during the 3rd quarter worth $141,000. Harbor Capital Advisors Inc. boosted its position in shares of Ellington Financial by 146.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 726,779 shares of the financial services provider’s stock valued at $9,368,000 after purchasing an additional 431,945 shares during the period. Portside Wealth Group LLC boosted its position in shares of Ellington Financial by 13.3% in the 3rd quarter. Portside Wealth Group LLC now owns 14,415 shares of the financial services provider’s stock valued at $186,000 after purchasing an additional 1,688 shares during the period. Prospera Private Wealth LLC acquired a new position in shares of Ellington Financial in the 3rd quarter valued at $68,000. Finally, Intech Investment Management LLC acquired a new position in shares of Ellington Financial in the 3rd quarter valued at $695,000. 55.62% of the stock is currently owned by institutional investors.

Ellington Financial Price Performance

The company has a current ratio of 37.04, a quick ratio of 37.04 and a debt-to-equity ratio of 10.87. The firm has a market cap of $1.30 billion, a price-to-earnings ratio of 10.95 and a beta of 1.97. The stock has a 50-day moving average of $12.56 and a two-hundred day moving average of $12.62.

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.