Mirae Asset Global Investments Co. Ltd. Purchases 696,392 Shares of Ellington Financial Inc. (NYSE:EFC)

Mirae Asset Global Investments Co. Ltd. boosted its position in Ellington Financial Inc. (NYSE:EFCGet Rating) by 124.6% in the first quarter, Holdings Channel.com reports. The firm owned 1,255,476 shares of the financial services provider’s stock after buying an additional 696,392 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Ellington Financial were worth $22,285,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Ellington Financial by 4.6% in the first quarter. Vanguard Group Inc. now owns 3,458,281 shares of the financial services provider’s stock worth $61,385,000 after purchasing an additional 151,814 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Ellington Financial by 100.6% during the fourth quarter. Invesco Ltd. now owns 2,304,748 shares of the financial services provider’s stock valued at $39,389,000 after acquiring an additional 1,155,794 shares in the last quarter. State Street Corp increased its holdings in shares of Ellington Financial by 15.4% during the first quarter. State Street Corp now owns 2,002,138 shares of the financial services provider’s stock valued at $35,823,000 after acquiring an additional 266,573 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Ellington Financial by 47.2% during the fourth quarter. JPMorgan Chase & Co. now owns 1,304,313 shares of the financial services provider’s stock valued at $22,289,000 after acquiring an additional 418,250 shares in the last quarter. Finally, EMG Holdings L.P. increased its holdings in shares of Ellington Financial by 2.1% during the first quarter. EMG Holdings L.P. now owns 927,141 shares of the financial services provider’s stock valued at $16,456,000 after acquiring an additional 19,094 shares in the last quarter. Institutional investors own 54.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on EFC. Keefe, Bruyette & Woods downgraded Ellington Financial from an “outperform” rating to a “market perform” rating and set a $14.75 price target for the company. in a report on Monday, July 18th. Piper Sandler reduced their price target on Ellington Financial from $19.00 to $17.00 and set an “overweight” rating for the company in a report on Friday, June 24th. Credit Suisse Group reduced their price target on Ellington Financial to $17.00 in a report on Friday, July 22nd. Finally, JMP Securities reduced their price target on Ellington Financial from $17.50 to $16.50 and set a “market outperform” rating for the company in a report on Thursday, August 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $16.65.

Ellington Financial Price Performance

NYSE EFC opened at $14.48 on Friday. Ellington Financial Inc. has a one year low of $12.74 and a one year high of $18.95. The stock has a 50-day moving average of $15.27 and a 200 day moving average of $15.83. The company has a market capitalization of $869.52 million, a price-to-earnings ratio of -62.96 and a beta of 1.78. The company has a debt-to-equity ratio of 4.62, a quick ratio of 25.88 and a current ratio of 25.88.

Ellington Financial Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, October 25th. Investors of record on Friday, September 30th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $1.80 annualized dividend and a yield of 12.43%. Ellington Financial’s payout ratio is -782.61%.

Ellington Financial Company Profile

(Get Rating)

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 residential mortgage loans; RMBS for which the principal and interest payments are guaranteed by the U.S.

See Also

Want to see what other hedge funds are holding EFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ellington Financial Inc. (NYSE:EFCGet Rating).

Institutional Ownership by Quarter for Ellington Financial (NYSE:EFC)

Receive News & Ratings for Ellington Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ellington Financial and related companies with MarketBeat.com's FREE daily email newsletter.