Ellington Residential Mortgage REIT (NYSE:EARN) declared that its Board of Directors has approved a stock repurchase program, which permits the company to repurchase 1,200,000 shares on Thursday, February 8th, EventVestor reports. This repurchase authorization permits the real estate investment trust to buy shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
Several research analysts have recently commented on EARN shares. Zacks Investment Research lowered Ellington Residential Mortgage REIT from a “hold” rating to a “sell” rating in a research report on Tuesday, November 14th. BidaskClub lowered Ellington Residential Mortgage REIT from a “sell” rating to a “strong sell” rating in a research report on Friday, November 3rd. Finally, ValuEngine lowered Ellington Residential Mortgage REIT from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $14.67.
Ellington Residential Mortgage REIT (EARN) opened at $10.69 on Friday. The company has a market capitalization of $139.23, a P/E ratio of 9.99 and a beta of 0.45. Ellington Residential Mortgage REIT has a 12-month low of $10.23 and a 12-month high of $15.74.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 25th. Investors of record on Friday, December 29th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $1.48 dividend on an annualized basis and a yield of 13.84%. Ellington Residential Mortgage REIT’s dividend payout ratio is currently 138.32%.
Ellington Residential Mortgage REIT Company Profile
Ellington Residential Mortgage REIT is a real estate investment trust. The Company conducts its business through its subsidiaries, EARN OP GP LLC and Ellington Residential Mortgage LP (the Operating Partnership). It specializes in acquiring, investing in and managing residential mortgage- and real estate-related assets.
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