Ellington Financial’s (EFC) Buy Rating Reiterated at Maxim Group

Maxim Group reaffirmed their buy rating on shares of Ellington Financial (NYSE:EFC) in a research note released on Tuesday. The firm currently has a $19.00 price objective on the financial services provider’s stock.

“3Q17 book value of $18.84 (versus $18.96 in 3Q17) implies 3Q17 EPS of $0.29 (assuming no share buybacks), versus our $0.31 estimate. Price target of $19 equates to 1.0x book value.”,” Maxim Group’s analyst wrote.

EFC has been the topic of several other research reports. Keefe, Bruyette & Woods set a $17.00 price target on shares of Ellington Financial and gave the stock a hold rating in a research report on Monday, November 13th. ValuEngine raised Ellington Financial from a hold rating to a buy rating in a report on Friday, December 1st. B. Riley cut Ellington Financial from a buy rating to a neutral rating and dropped their price objective for the stock from $17.50 to $16.00 in a report on Wednesday, November 8th. Deutsche Bank dropped their price objective on Ellington Financial from $18.00 to $17.00 and set a buy rating for the company in a report on Wednesday, November 8th. Finally, Zacks Investment Research raised Ellington Financial from a strong sell rating to a hold rating in a report on Monday, October 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. Ellington Financial currently has an average rating of Buy and an average price target of $17.25.

Shares of Ellington Financial (NYSE:EFC) traded up $0.20 during midday trading on Tuesday, reaching $14.89. 66,700 shares of the company traded hands, compared to its average volume of 91,950. The firm has a market cap of $476.93, a P/E ratio of 16.92 and a beta of 0.41. The company has a current ratio of 3.90, a quick ratio of 3.90 and a debt-to-equity ratio of 1.91. Ellington Financial has a 1-year low of $14.45 and a 1-year high of $17.00.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were paid a dividend of $0.41 per share. The ex-dividend date was Thursday, November 30th. This represents a $1.64 dividend on an annualized basis and a yield of 11.01%. Ellington Financial’s payout ratio is 186.36%.

A number of hedge funds and other institutional investors have recently bought and sold shares of EFC. FMR LLC increased its stake in Ellington Financial by 24.0% during the 2nd quarter. FMR LLC now owns 1,522,518 shares of the financial services provider’s stock worth $24,680,000 after purchasing an additional 294,734 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Ellington Financial during the 2nd quarter worth approximately $1,245,000. HighTower Advisors LLC acquired a new position in Ellington Financial during the 2nd quarter worth approximately $1,003,000. Virtu KCG Holdings LLC boosted its position in Ellington Financial by 254.7% during the 2nd quarter. Virtu KCG Holdings LLC now owns 44,243 shares of the financial services provider’s stock worth $717,000 after acquiring an additional 31,768 shares during the last quarter. Finally, Global X MANAGEMENT CO LLC boosted its position in Ellington Financial by 5.7% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 526,255 shares of the financial services provider’s stock worth $8,310,000 after acquiring an additional 28,233 shares during the last quarter. 45.70% of the stock is owned by institutional investors and hedge funds.

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