Ellington Financial (NYSE:EFC) Stock Price Target Cut by JonesTrading

Ellington Financial (NYSE:EFC) had its target price dropped by equities researchers at JonesTrading from $14.50 to $13.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. JonesTrading‘s target price indicates a potential upside of 15.15% from the company’s current price.

Several other equities analysts have also recently weighed in on EFC. Zacks Research cut Ellington Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Weiss Ratings downgraded Ellington Financial from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, October 8th. UBS Group increased their price objective on Ellington Financial from $14.00 to $14.50 and gave the company a “neutral” rating in a research report on Wednesday, August 19th. Finally, Piper Sandler lowered their price objective on shares of Ellington Financial from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Friday, October 9th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $13.83.

Ellington Financial Stock Performance

Shares of Ellington Financial stock traded down $0.20 on Thursday, reaching $11.29. The stock had a trading volume of 2,035,199 shares, compared to its average volume of 1,805,994. The company has a debt-to-equity ratio of 10.39, a quick ratio of 52.06 and a current ratio of 52.06. The business’s 50-day moving average price is $12.17 and its two-hundred day moving average price is $12.84. The stock has a market cap of $1.46 billion, a P/E ratio of 6.80 and a beta of 1.01. Ellington Financial has a fifty-two week low of $11.15 and a fifty-two week high of $14.12.

Ellington Financial (NYSE:EFC) last posted its earnings results on Wednesday, November 4th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.02). The firm had revenue of $117.72 million during the quarter, compared to analyst estimates of $125.83 million. Ellington Financial had a net margin of 52.43% and a return on equity of 16.61%. On average, sell-side analysts forecast that Ellington Financial will post 2.13 EPS for the current year.

Hedge Funds Weigh In On Ellington Financial

Several large investors have recently added to or reduced their stakes in the company. MCF Advisors LLC acquired a new stake in shares of Ellington Financial during the 2nd quarter worth approximately $25,000. Continuum Advisory LLC acquired a new position in shares of Ellington Financial in the second quarter valued at $28,000. Farther Finance Advisors LLC raised its stake in shares of Ellington Financial by 287.6% in the third quarter. Farther Finance Advisors LLC now owns 2,566 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 1,904 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in Ellington Financial in the second quarter worth $41,000. Finally, TOP Private Wealth LLC. bought a new position in Ellington Financial in the second quarter worth $64,000. Institutional investors and hedge funds own 55.62% of the company’s stock.

Ellington Financial News Roundup

Here are the key news stories impacting Ellington Financial this week:

• Positive Sentiment: The board declared a monthly dividend of $0.13 per share, payable December 31 to shareholders of record November 30. That equates to $1.56 annualized and a reported yield of 13.7%, supporting EFC’s appeal to income-focused investors. Dividend announcement
• Neutral Sentiment: Ellington is pursuing growth in non-qualified mortgage servicing through a new acquisition. The strategy could expand its servicing business, though the supplied report does not detail the deal’s terms or expected financial contribution. Non-QM servicing acquisition article
• Negative Sentiment: Q3 earnings were $0.45 per share versus the $0.47 consensus, while revenue of $117.72 million also fell short of the $125.83 million estimate. The modest misses may have pressured the shares. Q3 results
• Negative Sentiment: JonesTrading cut its price target from $14.50 to $13.00, tempering its outlook, although it maintained a Buy rating. The new target still implies potential upside from the cited $11.29 price. JonesTrading rating information

About Ellington Financial

Ellington Financial Inc is a real estate investment trust (REIT) that acquires, invests in and manages a portfolio of mortgage-related and other financial assets. The company focuses primarily on residential and commercial mortgage loans, mortgage-backed securities and related investments.

Its investment activities may include agency and non-agency residential mortgage-backed securities, commercial mortgage-backed securities, residential and commercial mortgage loans, mortgage servicing rights and consumer loans.