Ellington Residential Mortgage REIT (NYSE:EARN) declared that its Board of Directors has authorized a stock repurchase program, which allows the company to repurchase 1,200,000 shares on Thursday, February 8th, EventVestor reports. This repurchase authorization allows the real estate investment trust to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Several brokerages recently weighed in on EARN. ValuEngine lowered Ellington Residential Mortgage REIT from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 2nd. Zacks Investment Research upgraded Ellington Residential Mortgage REIT from a “sell” rating to a “hold” rating in a research report on Tuesday, January 2nd. Finally, BidaskClub lowered Ellington Residential Mortgage REIT from a “sell” rating to a “strong sell” rating in a research report on Friday, November 3rd.

Ellington Residential Mortgage REIT (EARN) opened at $10.69 on Monday. Ellington Residential Mortgage REIT has a 52-week low of $10.23 and a 52-week high of $15.74. The company has a market capitalization of $142.56, a price-to-earnings ratio of 9.90 and a beta of 0.46.

Ellington Residential Mortgage REIT (NYSE:EARN) last released its quarterly earnings results on Thursday, February 8th. The real estate investment trust reported $0.40 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.03). Ellington Residential Mortgage REIT had a return on equity of 12.02% and a net margin of 40.44%. The firm had revenue of $6.98 million for the quarter. analysts forecast that Ellington Residential Mortgage REIT will post 1.51 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, January 25th. Stockholders of record on Friday, December 29th were given a dividend of $0.37 per share. The ex-dividend date was Thursday, December 28th. This represents a $1.48 annualized dividend and a dividend yield of 13.84%. Ellington Residential Mortgage REIT’s dividend payout ratio is currently 137.04%.

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About Ellington Residential Mortgage REIT

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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