Ellington Financial (NYSE:EFC) Upgraded to Strong-Buy at Zacks Investment Research

Ellington Financial (NYSE:EFC) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Friday, Zacks.com reports. The firm presently has a $20.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 13.77% from the company’s previous close.

According to Zacks, “Ellington Financial LLC is a finance company that engages in acquiring and managing mortgage-related assets, including residential mortgage backed securities, prime jumbo, Alternative A-paper and subprime residential mortgage loans. The Company’s targeted assets also include mortgage-related derivatives, corporate debt and equity securities and derivatives. Ellington Financial LLC is headquartered in Old Greenwich, USA. “

Separately, Maxim Group reaffirmed a “buy” rating and issued a $20.00 price target on shares of Ellington Financial in a research report on Thursday, July 4th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Ellington Financial has an average rating of “Buy” and an average target price of $19.00.



Shares of EFC traded down $0.12 during trading hours on Friday, hitting $17.58. The stock had a trading volume of 972,400 shares, compared to its average volume of 224,587. The company has a quick ratio of 70.32, a current ratio of 70.32 and a debt-to-equity ratio of 3.43. The business’s 50 day moving average is $17.99. The firm has a market cap of $544.35 million, a price-to-earnings ratio of 12.47 and a beta of 0.46. Ellington Financial has a 1-year low of $14.69 and a 1-year high of $18.50.

Ellington Financial (NYSE:EFC) last issued its earnings results on Tuesday, May 7th. The financial services provider reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.08. Ellington Financial had a return on equity of 8.19% and a net margin of 28.85%. The company had revenue of $36.02 million during the quarter, compared to the consensus estimate of $37.71 million. On average, research analysts forecast that Ellington Financial will post 1.69 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. ClariVest Asset Management LLC bought a new position in Ellington Financial in the 1st quarter valued at about $6,915,000. Marshall Wace LLP bought a new position in Ellington Financial in the 1st quarter valued at about $3,045,000. Barclays PLC lifted its position in Ellington Financial by 264.8% in the 4th quarter. Barclays PLC now owns 109,715 shares of the financial services provider’s stock valued at $1,682,000 after acquiring an additional 79,638 shares in the last quarter. Nordea Investment Management AB lifted its position in Ellington Financial by 145,997.1% in the 1st quarter. Nordea Investment Management AB now owns 102,268 shares of the financial services provider’s stock valued at $1,830,000 after acquiring an additional 102,198 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its position in Ellington Financial by 1,657.2% in the 1st quarter. Acadian Asset Management LLC now owns 94,452 shares of the financial services provider’s stock valued at $1,691,000 after acquiring an additional 89,077 shares in the last quarter. 53.34% of the stock is currently owned by institutional investors and hedge funds.

Ellington Financial Company Profile

Ellington Financial LLC, through its subsidiary Ellington Financial Operating Partnership LLC, operates as a specialty finance company in the United States. The company acquires and manages mortgage-related assets, including 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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