Maxim Group analyst Michael Diana reiterated a Buy rating on Ellington Financial (EFC) yesterday and set a price target of $20. The company’s shares closed yesterday at $17.66.
Diana commented:
“EFC reported 2Q19 EPS of $0.43 and 2Q19 core income of $0.46 per share, both covering EFC’s new $0.42 quarterly dividend, now paid monthly ($0.14 per month) related to its conversion to a REIT. We are maintaining our price target at $20. This equates to 1.06x book value (unchanged), which is inline with the average P/BV multiple of other high- quality mortgage REITs.”
According to TipRanks.com, Diana is a 5-star analyst with an average return of 6.1% and a 58.5% success rate. Diana covers the Financial sector, focusing on stocks such as Manhattan Bridge Capital Inc, 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 $19.25 average price target, representing a 9.0% upside. In a report issued on August 5, B.Riley FBR also reiterated a Buy rating on the stock with a $18.50 price target.
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The company has a one-year high of $18.50 and a one-year low of $14.69. Currently, Ellington Financial has an average volume of 349.2K.
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Ellington Financial, Inc. 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.