Ellington Residential Mortgage REIT (NYSE:EARN) to Issue $0.08 Monthly Dividend

Ellington Residential Mortgage REIT (NYSE:EARNGet Rating) declared a monthly dividend on Thursday, August 4th, Zacks reports. Shareholders of record on Wednesday, August 31st will be paid a dividend of 0.08 per share by the real estate investment trust on Monday, September 26th. This represents a $0.96 dividend on an annualized basis and a yield of 11.44%. The ex-dividend date of this dividend is Tuesday, August 30th.

Ellington Residential Mortgage REIT has a dividend payout ratio of 88.9% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect Ellington Residential Mortgage REIT to earn $1.30 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 73.8%.

Ellington Residential Mortgage REIT Stock Performance

NYSE:EARN opened at $8.39 on Friday. The stock has a fifty day moving average price of $7.79 and a 200-day moving average price of $8.87. The company has a market cap of $109.99 million, a price-to-earnings ratio of -4.58 and a beta of 1.68. Ellington Residential Mortgage REIT has a fifty-two week low of $6.40 and a fifty-two week high of $12.44.

Analyst Upgrades and Downgrades

EARN has been the subject of several recent analyst reports. Credit Suisse Group dropped their price objective on Ellington Residential Mortgage REIT to $9.00 and set a “na” rating for the company in a research report on Monday, May 16th. StockNews.com cut Ellington Residential Mortgage REIT from a “hold” rating to a “sell” rating in a research note on Thursday, May 26th. Finally, Piper Sandler decreased their target price on Ellington Residential Mortgage REIT from $10.50 to $9.00 and set an “overweight” rating for the company in a research note on Tuesday, June 28th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $10.25.

Hedge Funds Weigh In On Ellington Residential Mortgage REIT

Hedge funds have recently made changes to their positions in the stock. Penserra Capital Management LLC grew its position in shares of Ellington Residential Mortgage REIT by 28.9% in the first quarter. Penserra Capital Management LLC now owns 25,522 shares of the real estate investment trust’s stock valued at $257,000 after purchasing an additional 5,724 shares in the last quarter. Envestnet Asset Management Inc. grew its position in shares of Ellington Residential Mortgage REIT by 6.5% in the first quarter. Envestnet Asset Management Inc. now owns 32,401 shares of the real estate investment trust’s stock valued at $327,000 after purchasing an additional 1,965 shares in the last quarter. Northern Trust Corp grew its position in shares of Ellington Residential Mortgage REIT by 22.1% in the first quarter. Northern Trust Corp now owns 33,613 shares of the real estate investment trust’s stock valued at $339,000 after purchasing an additional 6,082 shares in the last quarter. Invesco Ltd. grew its position in shares of Ellington Residential Mortgage REIT by 77.5% in the first quarter. Invesco Ltd. now owns 34,198 shares of the real estate investment trust’s stock valued at $345,000 after purchasing an additional 14,928 shares in the last quarter. Finally, Advisor Group Holdings Inc. grew its position in shares of Ellington Residential Mortgage REIT by 13.5% in the first quarter. Advisor Group Holdings Inc. now owns 35,111 shares of the real estate investment trust’s stock valued at $344,000 after purchasing an additional 4,182 shares in the last quarter. 27.47% of the stock is currently owned by hedge funds and other institutional investors.

Ellington Residential Mortgage REIT Company Profile

(Get Rating)

Ellington Residential Mortgage REIT, a real estate investment trust, specializes in acquiring, investing in, and managing residential mortgage-and real estate-related assets. It acquires and manages residential mortgage-backed securities (RMBS), including agency pools and agency collateralized mortgage obligations (CMOs); and non-agency RMBS comprising non-agency CMOs, such as investment grade and non-investment grade.

Further Reading

Dividend History for Ellington Residential Mortgage REIT (NYSE:EARN)

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