Zacks Investment Research upgraded shares of Ellington Residential Mortgage REIT (NYSE:EARN) from a hold rating to a buy rating in a research note released on Friday. They currently have $16.00 price target on the real estate investment trust’s stock.

According to Zacks, “Ellington Residential Mortgage REIT is a real estate investment trust that specializes in acquiring, investing in and managing residential mortgage and real estate-related assets. Ellington Residential Mortgage REIT is based in United States. “

Separately, Deutsche Bank AG decreased their target price on Ellington Residential Mortgage REIT from $14.50 to $14.00 and set a hold rating on the stock in a research report on Wednesday, August 2nd.

Shares of Ellington Residential Mortgage REIT (NYSE:EARN) traded down 0.41% during midday trading on Friday, reaching $14.46. 108,495 shares of the company traded hands. The firm has a market capitalization of $190.94 million, a PE ratio of 11.21 and a beta of 0.64. Ellington Residential Mortgage REIT has a 1-year low of $12.21 and a 1-year high of $15.74. The stock has a 50 day moving average price of $14.58 and a 200 day moving average price of $14.69.

Ellington Residential Mortgage REIT (NYSE:EARN) last announced its earnings results on Tuesday, August 1st. The real estate investment trust reported $0.47 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.47. Ellington Residential Mortgage REIT had a return on equity of 12.25% and a net margin of 44.93%. The firm had revenue of $6.86 million for the quarter. Analysts expect that Ellington Residential Mortgage REIT will post $1.89 earnings per share for the current fiscal year.

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Hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its holdings in Ellington Residential Mortgage REIT by 639.1% in the 1st quarter. JPMorgan Chase & Co. now owns 7,539 shares of the real estate investment trust’s stock valued at $111,000 after purchasing an additional 6,519 shares in the last quarter. Bessemer Group Inc. purchased a new position in Ellington Residential Mortgage REIT in the 2nd quarter valued at $119,000. New York State Common Retirement Fund purchased a new position in Ellington Residential Mortgage REIT in the 2nd quarter valued at $130,000. BB&T Securities LLC lifted its holdings in Ellington Residential Mortgage REIT by 1.6% in the 1st quarter. BB&T Securities LLC now owns 10,235 shares of the real estate investment trust’s stock valued at $150,000 after purchasing an additional 160 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in Ellington Residential Mortgage REIT in the 2nd quarter valued at $155,000. Institutional investors own 62.11% of the company’s stock.

Ellington Residential Mortgage REIT Company Profile

Ellington Residential Mortgage REIT is a real estate investment trust. The Company conducts its business through its subsidiaries, EARN OP GP LLC and Ellington Residential Mortgage LP (the Operating Partnership). It specializes in acquiring, investing in and managing residential mortgage- and real estate-related assets.

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