Ellington Credit Company (NYSE:EARN) Plans $0.08 Monthly Dividend

Ellington Credit Company (NYSE:EARN) announced a monthly dividend on Wednesday, July 8th. Investors of record on Friday, July 31st will be given a dividend of 0.08 per share by the real estate investment trust on Monday, August 31st. This represents a c) annualized dividend and a dividend yield of 21.9%. The ex-dividend date of this dividend is Friday, July 31st.

Ellington Credit has decreased its dividend payment by an average of 0.0%per year over the last three years. Ellington Credit has a payout ratio of 88.9% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline.

Ellington Credit Stock Performance

EARN stock opened at $4.38 on Thursday. The firm has a 50 day simple moving average of $4.64 and a 200 day simple moving average of $4.87. Ellington Credit has a 52 week low of $4.27 and a 52 week high of $6.08. The stock has a market cap of $164.79 million, a P/E ratio of -4.22 and a beta of 1.27.

Ellington Credit (NYSE:EARN) last released its quarterly earnings data on Wednesday, May 20th. The real estate investment trust reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.03). The business had revenue of $9.87 million for the quarter, compared to analysts’ expectations of $10.57 million.

Hedge Funds Weigh In On Ellington Credit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. McIlrath & Eck LLC lifted its stake in Ellington Credit by 122.4% in the first quarter. McIlrath & Eck LLC now owns 10,969 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 6,038 shares during the last quarter. Waverly Advisors LLC increased its stake in shares of Ellington Credit by 85.8% during the 1st quarter. Waverly Advisors LLC now owns 167,250 shares of the real estate investment trust’s stock worth $741,000 after purchasing an additional 77,250 shares during the last quarter. World Investment Advisors bought a new position in shares of Ellington Credit during the 4th quarter valued at $115,000. Virtu Financial LLC bought a new position in shares of Ellington Credit during the 4th quarter valued at $57,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of Ellington Credit in the 4th quarter valued at $75,000. Institutional investors own 20.40% of the company’s stock.

About Ellington Credit

Ellington Credit Income Fund (NYSE: EARN) is a closed-end management investment company that seeks to generate current income through a diversified portfolio of mortgage- and asset-backed securities. The fund primarily invests in residential mortgage-backed securities (RMBS) and asset-backed securities (ABS), with additional exposure to commercial mortgage-backed securities (CMBS) and related structured credit instruments. To enhance income and manage risk, the fund employs leverage and derivative strategies such as interest rate swaps and credit default swaps, allowing it to adjust duration and credit exposure dynamically.

The fund is externally managed and advised by Ellington Management Group, LLC, an established investment firm specializing in mortgage credit and structured products.