Ellington Financial Inc. (NYSE:EFC) announced a monthly dividend on Tuesday, April 6th, Wall Street Journal reports. Investors of record on Friday, April 30th will be paid a dividend of 0.14 per share by the financial services provider on Tuesday, May 25th. This represents a $1.68 annualized dividend and a yield of 9.57%. The ex-dividend date of this dividend is Thursday, April 29th. This is a positive change from Ellington Financial’s previous monthly dividend of $0.10.
Ellington Financial has decreased its dividend by 28.4% over the last three years and has increased its dividend every year for the last 1 years. Ellington Financial has a payout ratio of 62.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Ellington Financial to earn $1.63 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 73.6%.
EFC opened at $17.56 on Thursday. The stock’s fifty day simple moving average is $16.19 and its 200 day simple moving average is $14.75. Ellington Financial has a 1-year low of $7.61 and a 1-year high of $17.58. The stock has a market cap of $768.81 million, a PE ratio of -21.16 and a beta of 2.10. The company has a current ratio of 43.34, a quick ratio of 43.34 and a debt-to-equity ratio of 3.11.
EFC has been the topic of several research analyst reports. Zacks Investment Research cut shares of Ellington Financial from a “buy” rating to a “hold” rating in a report on Monday, February 22nd. JMP Securities increased their target price on Ellington Financial from $14.00 to $16.50 and gave the stock a “market outperform” rating in a research note on Friday, January 22nd. Maxim Group restated a “buy” rating and issued a $18.00 price target on shares of Ellington Financial in a research note on Friday, February 5th. UBS Group assumed coverage on Ellington Financial in a research report on Friday, January 15th. They set a “buy” rating and a $17.00 price objective on the stock. Finally, Keefe, Bruyette & Woods raised shares of Ellington Financial from a “market perform” rating to an “outperform” rating and set a $16.50 target price for the company in a research report on Friday, December 18th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $16.00.
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 residential mortgage loans; RMBS for which the principal and interest payments are guaranteed by the U.S.
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