Ellington Financial (NYSE:EFC) Stock Rating Upgraded by Zacks Investment Research

Ellington Financial (NYSE:EFC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday, Zacks.com reports. The brokerage currently has a $21.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 13.82% from the company’s current price.

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, UBS Group cut shares of Ellington Financial from a “buy” rating to a “neutral” rating and upped their target price for the company from $17.50 to $18.50 in a report on Monday, June 7th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $17.06.

EFC opened at $18.45 on Monday. The company has a quick ratio of 21.48, a current ratio of 21.48 and a debt-to-equity ratio of 3.66. The firm has a 50 day moving average price of $18.28 and a 200-day moving average price of $18.05. Ellington Financial has a twelve month low of $12.01 and a twelve month high of $19.60. The stock has a market capitalization of $924.75 million, a price-to-earnings ratio of 4.49 and a beta of 2.20.

Ellington Financial (NYSE:EFC) last released its quarterly earnings data on Thursday, August 5th. The financial services provider reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.07. Ellington Financial had a net margin of 155.44% and a return on equity of 9.96%. As a group, analysts expect that Ellington Financial will post 1.86 earnings per share for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the business. Lazard Asset Management LLC bought a new position in shares of Ellington Financial in the first quarter worth approximately $27,000. FORA Capital LLC bought a new position in shares of Ellington Financial in the first quarter worth approximately $28,000. Samalin Investment Counsel LLC bought a new position in shares of Ellington Financial in the second quarter worth approximately $39,000. USA Financial Portformulas Corp bought a new position in shares of Ellington Financial in the second quarter worth approximately $65,000. Finally, Point72 Hong Kong Ltd boosted its position in shares of Ellington Financial by 1,003.2% in the first quarter. Point72 Hong Kong Ltd now owns 3,442 shares of the financial services provider’s stock worth $55,000 after purchasing an additional 3,130 shares during the period. Institutional investors and hedge funds own 61.08% of the company’s stock.

Ellington Financial Company Profile

Ellington Financial, Inc operates as an investment trust. The firm engages in the provision of investment services. It manages mortgage-backed assets, securities, loans and real estate debts. The company was founded on July 9, 2007 and is headquartered in Old Greenwich, CT.

Featured Story: Trade Deficit

Get a free copy of the Zacks research report on Ellington Financial (EFC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Ellington Financial (NYSE:EFC)

Receive News & Ratings for Ellington Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ellington Financial and related companies with MarketBeat.com's FREE daily email newsletter.