Ellington Residential Mortgage REIT (NYSE: EARN) stock jumped 0.50% on Friday to $6.00 against a previous-day closing price of $5.97. With 75622.0 shares changed hands, the volume of the stock remained lighter than its average volume of 0.13 million shares. During the session, the REIT – Mortgage company that operates in wider Real Estate sector, reached to the highest price of $6.03 whereas the lowest price it dropped to was $5.92. The 52-week range on EARN shows that it touched its highest point at $8.15 and its lowest point at $5.09 during that stretch. It currently has a 1-year price target of $6.50. With its current market cap of 97.98 million, EARN has annualized dividend of $0.96 while the current yield stands at 16.00%. Beta for the stock currently stands at 1.85.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of EARN was up-trending over the past week, with a rise of 6.95%, but this was up by 10.91% over a month. Three-month performance dropped to -8.26% while six-month performance fell -16.32%. The stock lost -15.61% in the past year, while it has lost -12.54% so far this year. A look at the trailing 12-month EPS for EARN yields 0.39 with Next year EPS estimates of 0.98. For the next quarter, that number is 0.25. This implies an EPS growth rate of -10.85% for this year and 3.70% for next year.
Float and Shares Shorts:
At present, 16.33 million EARN shares are outstanding with a float of 16.04 million shares on hand for trading. On Oct 30, 2023, short shares totaled 0.21 million, which was 1.32% higher than short shares on Sep 28, 2023. In addition to Mr. Laurence Eric Penn as the firm’s CEO, President & Trustee, Mr. Christopher M. Smernoff serves as its Chief Financial Officer.
Other institutions hold 5.98% of EARN, in contrast to 23.40% held by mutual funds. Shares owned by individuals account for 15.03%. As the largest shareholder in EARN with 3.69% of the stake, The Vanguard Group, Inc. holds 585,233 shares worth 585,233. A second-largest stockholder of EARN, Renaissance Technologies LLC, holds 453,200 shares, controlling over 2.86% of the firm’s shares. Two Sigma Investments LP is the third largest shareholder in EARN, holding 243,384 shares or 1.53% stake. With a 2.11% stake in EARN, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 334,462 shares are owned by the mutual fund manager. The Vanguard Extended Market Index Fu, which owns about 1.46% of EARN stock, is the second-largest Mutual Fund holder. It holds 231,695 shares valued at 1.22 million. Fidelity Extended Market Index Fu holds 0.50% of the stake in EARN, owning 79,206 shares worth 0.42 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for EARN since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With EARN analysts setting a high price target of $6.50 and a low target of $6.50, the average target price over the next 12 months is $6.50. Based on these targets, EARN could surge 8.33% to reach the target high and rise by 8.33% to reach the target low. Reaching the average price target will result in a growth of 8.33% from current levels.
Summary of Insider Activity:
Insiders traded EARN stock several times over the past three months with 4 Buys and 0 Sells. In these transactions, 32,920 shares were bought while 0 shares were sold. The number of buy transactions has increased to 6 while that of sell transactions has risen to 2 over the past year. The total number of shares bought during that period was 45,031 while 3,108 shares were sold.