Ellington Financial (NYSE:EFC) Stock Rating Upgraded by B. Riley

Ellington Financial (NYSE:EFC) was upgraded by analysts at B. Riley to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Ellington Financial Price Performance

EFC stock opened at $12.15 on Tuesday. The business has a 50 day moving average price of $12.25 and a 200 day moving average price of $12.59. The company has a quick ratio of 37.04, a current ratio of 37.04 and a debt-to-equity ratio of 10.87. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of 9.27 and a beta of 1.97. Ellington Financial has a fifty-two week low of $10.88 and a fifty-two week high of $13.46.

Ellington Financial (NYSE:EFC) last issued its quarterly earnings data on Wednesday, November 6th. The financial services provider reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.04. The company had revenue of $33.63 million for the quarter, compared to analyst estimates of $37.95 million. Ellington Financial had a return on equity of 10.26% and a net margin of 106.40%. During the same quarter last year, the company posted $0.33 earnings per share. Equities research analysts anticipate that Ellington Financial will post 1.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Ellington Financial news, CIO Michael W. Vranos sold 14,000 shares of the business’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $12.48, for a total transaction of $174,720.00. Following the sale, the executive now directly owns 168,359 shares in the company, valued at approximately $2,101,120.32. The trade was a 7.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ellington Financial

Several hedge funds have recently modified their holdings of EFC. Harbor Capital Advisors Inc. increased its holdings in shares of Ellington Financial by 146.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 726,779 shares of the financial services provider’s stock worth $9,368,000 after buying an additional 431,945 shares during the last quarter. Prevail Innovative Wealth Advisors LLC acquired a new stake in Ellington Financial during the second quarter worth about $2,968,000. State Street Corp increased its stake in Ellington Financial by 4.1% during the third quarter. State Street Corp now owns 3,140,371 shares of the financial services provider’s stock worth $40,885,000 after acquiring an additional 124,943 shares during the last quarter. Barclays PLC raised its holdings in shares of Ellington Financial by 230.3% in the 3rd quarter. Barclays PLC now owns 138,440 shares of the financial services provider’s stock worth $1,784,000 after purchasing an additional 96,525 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of Ellington Financial by 48.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 231,543 shares of the financial services provider’s stock worth $2,985,000 after purchasing an additional 75,143 shares during the period. 55.62% of the stock is owned by institutional investors and hedge funds.

Ellington Financial Company Profile

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