Ellington Residential Mortgage REIT (NYSE:EARN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.

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. “

Several other brokerages have also recently weighed in on EARN. TheStreet raised Ellington Residential Mortgage REIT from a “d+” rating to a “c” rating in a report on Thursday, August 30th. ValuEngine raised Ellington Residential Mortgage REIT from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 15th.

Shares of NYSE:EARN opened at $10.85 on Thursday. The stock has a market cap of $137.18 million, a price-to-earnings ratio of 6.03 and a beta of 0.55. Ellington Residential Mortgage REIT has a 1-year low of $10.23 and a 1-year high of $13.14.

Ellington Residential Mortgage REIT (NYSE:EARN) last announced its quarterly earnings data on Monday, November 5th. The real estate investment trust reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.05). The firm had revenue of $4.65 million for the quarter. Ellington Residential Mortgage REIT had a positive return on equity of 10.19% and a negative net margin of 1.77%. On average, equities analysts anticipate that Ellington Residential Mortgage REIT will post 1.33 earnings per share for the current fiscal year.

In related news, major shareholder Holdings L.P. Blackstone III purchased 7,603 shares of the stock in a transaction dated Monday, August 20th. The stock was bought at an average cost of $11.67 per share, with a total value of $88,727.01. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have acquired a total of 81,306 shares of company stock valued at $922,161 over the last three months. Company insiders own 2.00% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Assetmark Inc. grew its position in shares of Ellington Residential Mortgage REIT by 58.2% in the 2nd quarter. Assetmark Inc. now owns 14,274 shares of the real estate investment trust’s stock valued at $156,000 after purchasing an additional 5,251 shares during the period. Northern Trust Corp boosted its position in Ellington Residential Mortgage REIT by 5.0% during the 1st quarter. Northern Trust Corp now owns 111,989 shares of the real estate investment trust’s stock worth $1,227,000 after acquiring an additional 5,379 shares during the last quarter. Bank of America Corp DE boosted its position in Ellington Residential Mortgage REIT by 1,393.3% during the 2nd quarter. Bank of America Corp DE now owns 10,035 shares of the real estate investment trust’s stock worth $110,000 after acquiring an additional 9,363 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Ellington Residential Mortgage REIT by 63.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 28,417 shares of the real estate investment trust’s stock worth $313,000 after acquiring an additional 10,990 shares during the last quarter. Finally, First Trust Advisors LP acquired a new position in Ellington Residential Mortgage REIT during the 2nd quarter worth approximately $121,000. 63.27% of the stock is owned by institutional investors.

Ellington Residential Mortgage REIT Company Profile

Ellington Residential Mortgage REIT, a real estate investment trust, specializes in acquiring, investing in, and managing residential mortgage-and real estate-related assets. It acquires and manages residential mortgage-backed securities (RMBS), including agency pools and agency collateralized mortgage obligations (CMOs); and non-agency RMBS comprising non-agency CMOs, such as investment grade and non-investment grade.

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