Ellington Financial Inc. (NYSE:EFC) to Issue $0.13 Monthly Dividend

Ellington Financial Inc. (NYSE:EFC) declared a monthly dividend on Tuesday, May 7th, Wall Street Journal reports. Investors of record on Friday, May 31st will be paid a dividend of 0.13 per share by the financial services provider on Tuesday, June 25th. This represents a $1.56 dividend on an annualized basis and a yield of 13.20%. The ex-dividend date of this dividend is Friday, May 31st.

Ellington Financial has increased its dividend by an average of 12.7% annually over the last three years and has raised its dividend every year for the last 1 years. Ellington Financial has a dividend payout ratio of 91.2% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities analysts expect Ellington Financial to earn $1.74 per share next year, which means the company should continue to be able to cover its $1.56 annual dividend with an expected future payout ratio of 89.7%.

Ellington Financial Price Performance

Shares of EFC stock traded up $0.07 during midday trading on Thursday, reaching $11.82. 334,427 shares of the company were exchanged, compared to its average volume of 1,058,131. The company’s 50 day moving average price is $11.46 and its two-hundred day moving average price is $12.18. The company has a market cap of $1.01 billion, a P/E ratio of 13.07 and a beta of 1.91. Ellington Financial has a 12 month low of $10.88 and a 12 month high of $14.21. The company has a debt-to-equity ratio of 11.30, a quick ratio of 46.75 and a current ratio of 46.75.

Ellington Financial (NYSE:EFC) last released its earnings results on Monday, February 26th. The financial services provider reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.01). The firm had revenue of $27.99 million during the quarter, compared to analyst estimates of $30.77 million. Ellington Financial had a return on equity of 11.36% and a net margin of 78.53%. During the same quarter last year, the company earned $0.42 earnings per share. On average, sell-side analysts expect that Ellington Financial will post 1.53 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on EFC shares. BTIG Research lowered their target price on Ellington Financial from $15.50 to $13.50 and set a “buy” rating on the stock in a report on Thursday, April 18th. Keefe, Bruyette & Woods lowered their price objective on shares of Ellington Financial from $14.00 to $13.25 and set an “outperform” rating on the stock in a research note on Wednesday, February 28th. Jonestrading began coverage on shares of Ellington Financial in a research note on Friday, April 19th. They set a “hold” rating for the company. StockNews.com upgraded shares of Ellington Financial from a “sell” rating to a “hold” rating in a report on Thursday, May 2nd. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $14.50 price target on shares of Ellington Financial in a report on Thursday, April 18th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.95.

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 mortgage; RMBS for which the principal and interest payments are guaranteed by the U.S.