Ellington Financial Upped to Strong Buy - Analyst Blog
May 14 2013 - 1:55PM
Zacks
On May 10, 2013, Zacks Investment Research upgraded
Ellington Financial LLC (EFC) to a Zacks #1 Rank
(Strong Buy).
Why the Upgrade?
Ellington Financial has been witnessing rising earnings estimates
on the back of strong fiscal first-quarter 2013 results. Moreover,
shares of this mortgage investment company appreciated 15.6% year
to date.
On May 6, 2013, Ellington Financial reported first-quarter net
income of $40.3 million compared with $24.8 million in the previous
quarter.
The sequential improvement was driven by higher net investment
income and interest income as well as lower operating expenses.
Net investment income was $10.6 million, up substantially from the
previous quarter. On a per share basis, net investment income came
in at 51 cents per share, substantially higher than 18 cents
recorded in the prior quarter. Total expenses reduced 39.8%
sequentially to $7.8 million. The decline was attributable to a
reduction in incentive fees and other operating expenses. Interest
income nudged up 10.4% to $18.4 million.
Over the last 7 days, 1 out of 2 estimates for 2013 has been
revised upward, raising the Zacks Consensus Estimate by 14.8% to
$3.44 per share. For 2014, 1 out of 2 estimates moved higher over
the same time frame, pulling the Zacks Consensus Estimate by 2.0%
to $3.00 per share.
Other Stocks to Consider
Other stocks in the same sector that are also worth considering
include Home Loan Servicing Solutions, Ltd.
(HLSS), Nationstar Mortgage Holdings Inc. (NSM)
and First Pactrust Bancorp, Inc. (BANC). All these
carry a Zacks Rank #1 (Strong Buy).
FIRST PACTRUST (BANC): Free Stock Analysis Report
ELLINGTON FINL (EFC): Free Stock Analysis Report
HOME LOAN SERVC (HLSS): Free Stock Analysis Report
NATIONSTAR MTGE (NSM): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
(MM) (NASDAQ:HLSS)
Historical Stock Chart
From May 2024 to Jun 2024
(MM) (NASDAQ:HLSS)
Historical Stock Chart
From Jun 2023 to Jun 2024