Ellington Residential Mortgage REIT (NYSE:EARN) Shares Pass Below 200-Day Moving Average of $8.41

Ellington Residential Mortgage REIT (NYSE:EARNGet Rating) shares passed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $8.41 and traded as low as $7.27. Ellington Residential Mortgage REIT shares last traded at $7.41, with a volume of 131,180 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on EARN. StockNews.com upgraded Ellington Residential Mortgage REIT from a “sell” rating to a “hold” rating in a report on Monday, August 15th. Piper Sandler reduced their price target on shares of Ellington Residential Mortgage REIT from $10.50 to $9.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 28th. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $10.25.

Ellington Residential Mortgage REIT Stock Performance

The firm’s fifty day moving average price is $8.19 and its 200 day moving average price is $8.41. The firm has a market cap of $96.92 million, a P/E ratio of -3.24 and a beta of 1.67.

Ellington Residential Mortgage REIT Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Friday, September 30th will be issued a $0.08 dividend. The ex-dividend date is Thursday, September 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 12.96%. Ellington Residential Mortgage REIT’s dividend payout ratio is presently -41.92%.

Hedge Funds Weigh In On Ellington Residential Mortgage REIT

Several institutional investors and hedge funds have recently added to or reduced their stakes in EARN. Price T Rowe Associates Inc. MD grew its stake in Ellington Residential Mortgage REIT by 24.9% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 32,812 shares of the real estate investment trust’s stock worth $245,000 after buying an additional 6,549 shares during the last quarter. Envestnet Asset Management Inc. grew its position in Ellington Residential Mortgage REIT by 20.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 38,981 shares of the real estate investment trust’s stock worth $291,000 after purchasing an additional 6,580 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of Ellington Residential Mortgage REIT by 14.6% in the first quarter. Royal Bank of Canada now owns 48,998 shares of the real estate investment trust’s stock worth $495,000 after buying an additional 6,255 shares during the last quarter. State Street Corp lifted its stake in shares of Ellington Residential Mortgage REIT by 22.4% during the first quarter. State Street Corp now owns 54,324 shares of the real estate investment trust’s stock worth $553,000 after buying an additional 9,953 shares during the period. Finally, Invesco Ltd. grew its holdings in shares of Ellington Residential Mortgage REIT by 77.5% during the first quarter. Invesco Ltd. now owns 34,198 shares of the real estate investment trust’s stock valued at $345,000 after buying an additional 14,928 shares during the last quarter. Hedge funds and other institutional investors own 21.77% of the company’s stock.

About Ellington Residential Mortgage REIT

(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.

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