Maxim Group analyst Michael Diana reiterated a Buy rating on Ellington Financial (EFC) today and set a price target of $19.50. The company’s shares closed yesterday at $15.88.
Diana said:
“Yesterday, EFC posted its “REIT Conversion Overview” on its website and management made a presentation to analysts. Based on the overview and presentation, it appears probable that EFC will convert to a REIT effective January 1, 2019 (with an April 1, 2019 or later conversion only if unforeseen impediments arise).”
According to TipRanks.com, Diana is a 4-star analyst with an average return of 4.3% and a 56.3% success rate. Diana covers the Financial sector, focusing on stocks such as First Savings Financial Group, Arlington Asset Investment, and Westamerica Bancorporation.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Ellington Financial with a $19.50 average price target.
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Based on Ellington Financial’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $6.66 million. In comparison, last year the company had a net profit of $7.44 million.
Based on the recent corporate insider activity of 11 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of EFC in relation to earlier this year.
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Ellington Financial LLC engages in the provision of investment services. It manages mortgage-backed assets, securities, loans and real estate debts. The company was founded on July 9, 2007 and is headquartered in Old Greenwich, CT.
