Ellington Residential Mortgage REIT (NYSE:EARN) declared that its Board of Directors has initiated a stock buyback plan, which authorizes the company to buyback 1,200,000 outstanding shares on Thursday, February 8th, EventVestor reports. This buyback authorization authorizes the real estate investment trust to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Shares of Ellington Residential Mortgage REIT (EARN) traded up $0.35 during trading hours on Friday, hitting $10.80. The company had a trading volume of 33,268 shares, compared to its average volume of 131,010. The stock has a market capitalization of $139.23, a PE ratio of 9.77 and a beta of 0.45. Ellington Residential Mortgage REIT has a one year low of $10.23 and a one year high of $15.74.

Ellington Residential Mortgage REIT (NYSE:EARN) last announced its earnings results on Thursday, February 8th. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.02). Ellington Residential Mortgage REIT had a net margin of 40.44% and a return on equity of 12.02%. equities analysts predict that Ellington Residential Mortgage REIT will post 1.86 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 25th. Investors of record on Friday, December 29th were issued 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 13.70%. Ellington Residential Mortgage REIT’s dividend payout ratio (DPR) is currently 138.32%.

Several brokerages recently issued reports on EARN. BidaskClub cut Ellington Residential Mortgage REIT from a “sell” rating to a “strong sell” rating in a research report on Friday, November 3rd. Zacks Investment Research cut Ellington Residential Mortgage REIT from a “hold” rating to a “sell” rating in a research report on Tuesday, November 14th. Finally, ValuEngine cut Ellington Residential Mortgage REIT from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $14.67.

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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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