Ellington Residential Mortgage REIT (EARN) Cut to Sell at Zacks Investment Research

Ellington Residential Mortgage REIT (NYSE:EARN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday.

According to Zacks, “Ellington Residential Mortgage REIT is a real estate investment trust that specializes in acquiring, investing in and managing residential mortgage and real estate-related assets. Ellington Residential Mortgage REIT is based in United States. “

Other analysts have also recently issued research reports about the stock. ValuEngine upgraded shares of Ellington Residential Mortgage REIT from a “strong sell” rating to a “sell” rating in a research note on Wednesday, August 15th. TheStreet upgraded shares of Ellington Residential Mortgage REIT from a “d+” rating to a “c” rating in a research note on Thursday, August 30th.

Shares of EARN stock traded down $0.05 during mid-day trading on Thursday, hitting $10.76. The stock had a trading volume of 29,856 shares, compared to its average volume of 103,916. Ellington Residential Mortgage REIT has a fifty-two week low of $10.23 and a fifty-two week high of $13.14. The stock has a market capitalization of $136.17 million, a PE ratio of 5.98 and a beta of 0.55.

Ellington Residential Mortgage REIT (NYSE:EARN) last released its earnings results on Monday, November 5th. The real estate investment trust reported $0.32 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.05). Ellington Residential Mortgage REIT had a positive return on equity of 10.19% and a negative net margin of 1.77%. The firm had revenue of $4.65 million during the quarter. Equities research analysts forecast that Ellington Residential Mortgage REIT will post 1.33 earnings per share for the current year.

In related news, major shareholder Holdings L.P. Blackstone III acquired 7,603 shares of Ellington Residential Mortgage REIT stock in a transaction that occurred on Monday, August 20th. The stock was purchased at an average price of $11.67 per share, for a total transaction of $88,727.01. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders purchased 91,996 shares of company stock valued at $1,041,996 in the last quarter. Company insiders own 2.00% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in EARN. Acadian Asset Management LLC lifted its stake in shares of Ellington Residential Mortgage REIT by 43.0% in the second quarter. Acadian Asset Management LLC now owns 412,505 shares of the real estate investment trust’s stock valued at $4,497,000 after purchasing an additional 124,033 shares during the period. FMR LLC lifted its stake in shares of Ellington Residential Mortgage REIT by 47.2% in the second quarter. FMR LLC now owns 382,600 shares of the real estate investment trust’s stock valued at $4,170,000 after purchasing an additional 122,600 shares during the period. Millennium Management LLC acquired a new stake in shares of Ellington Residential Mortgage REIT in the second quarter valued at about $964,000. Wolverine Asset Management LLC lifted its stake in shares of Ellington Residential Mortgage REIT by 14.0% in the second quarter. Wolverine Asset Management LLC now owns 570,635 shares of the real estate investment trust’s stock valued at $6,219,000 after purchasing an additional 70,108 shares during the period. Finally, Paloma Partners Management Co acquired a new stake in shares of Ellington Residential Mortgage REIT in the second quarter valued at about $485,000. Hedge funds and other institutional investors own 63.27% of the company’s stock.

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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