Ellington Financial (NYSE:EFC) Upgraded to Buy by Zacks Investment Research

Ellington Financial (NYSE:EFC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday, Zacks.com reports. The brokerage currently has a $21.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 13.82% from the stock’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 Ellington Financial from a “buy” rating to a “neutral” rating and raised their price target for the company from $17.50 to $18.50 in a research report on Monday, June 7th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $17.06.

NYSE:EFC opened at $18.45 on Monday. The stock has a fifty day moving average price of $18.28 and a two-hundred day moving average price of $18.05. The stock has a market capitalization of $924.75 million, a price-to-earnings ratio of 4.49 and a beta of 2.20. The company has a debt-to-equity ratio of 3.66, a quick ratio of 21.48 and a current ratio of 21.48. Ellington Financial has a 1 year low of $12.01 and a 1 year high of $19.60.

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

A number of large investors have recently modified their holdings of the business. BlackRock Inc. boosted its stake in Ellington Financial by 90.6% in the 2nd quarter. BlackRock Inc. now owns 8,452,666 shares of the financial services provider’s stock worth $161,870,000 after buying an additional 4,018,033 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Ellington Financial by 24.6% in the 2nd quarter. Vanguard Group Inc. now owns 2,687,233 shares of the financial services provider’s stock valued at $51,461,000 after purchasing an additional 531,022 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Ellington Financial by 179.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,598,745 shares of the financial services provider’s stock valued at $30,615,000 after purchasing an additional 1,026,870 shares in the last quarter. State Street Corp lifted its stake in shares of Ellington Financial by 74.8% in the 2nd quarter. State Street Corp now owns 1,492,206 shares of the financial services provider’s stock valued at $28,799,000 after purchasing an additional 638,487 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Ellington Financial by 0.8% in the 2nd quarter. Geode Capital Management LLC now owns 710,413 shares of the financial services provider’s stock valued at $13,604,000 after purchasing an additional 5,921 shares in the last quarter. 61.08% of the stock is currently owned by hedge funds and other institutional investors.

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.

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