Ellington Residential Mortgage REIT (NYSE:EARN) announced a quarterly dividend on Thursday, June 14th, Wall Street Journal reports. Stockholders of record on Friday, June 29th will be given a dividend of 0.37 per share by the real estate investment trust on Wednesday, July 25th. This represents a $1.48 annualized dividend and a dividend yield of 12.89%. The ex-dividend date of this dividend is Thursday, June 28th.
Ellington Residential Mortgage REIT has decreased its dividend payment by an average of 9.4% annually over the last three years. Ellington Residential Mortgage REIT has a payout ratio of 79.6% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities analysts expect Ellington Residential Mortgage REIT to earn $1.10 per share next year, which means the company may not be able to cover its $1.48 annual dividend with an expected future payout ratio of 134.5%.
Ellington Residential Mortgage REIT traded up $0.23, reaching $11.48, during trading hours on Thursday, Marketbeat reports. The company’s stock had a trading volume of 102,409 shares, compared to its average volume of 118,650. The stock has a market cap of $145.30 million, a PE ratio of 6.25 and a beta of 0.39. Ellington Residential Mortgage REIT has a 1 year low of $10.23 and a 1 year high of $15.74.
A number of brokerages recently commented on EARN. ValuEngine cut shares of Ellington Residential Mortgage REIT from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 6th. Zacks Investment Research cut shares of Ellington Residential Mortgage REIT from a “hold” rating to a “sell” rating in a research report on Wednesday, February 14th. Three analysts have rated the stock with a sell rating and one has issued a hold rating to the company’s stock. The stock presently has a consensus rating of “Sell” and an average target price of $15.00.
In other news, Director Ronald I. Simon purchased 2,500 shares of the business’s stock in a transaction on Wednesday, May 9th. The shares were acquired at an average price of $10.81 per share, with a total value of $27,025.00. Following the acquisition, the director now directly owns 12,494 shares in the company, valued at $135,060.14. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Holdings L.P. Blackstone III purchased 19,444 shares of the business’s stock in a transaction on Friday, June 1st. The stock was purchased at an average cost of $11.55 per share, for a total transaction of $224,578.20. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 193,328 shares of company stock worth $2,182,479. 2.00% of the stock is owned by corporate insiders.
About Ellington Residential Mortgage REIT
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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