Market Overview

UPDATE: Citigroup Reiterates on Ellington Residential Mortgage REIT on Model Update

Share:
Related EARN
Top Performing Industries For November 10, 2015
2 Small-Cap mREITs & 3 Top High-Yield Picks From Credit Suisse
Thoughts On A Handful Of mREITs And The State Of The Industry (Week 57) (Seeking Alpha)

In a report published Friday, Citigroup analyst Donald Fandetti reiterated a Neutral rating on Ellington Residential Mortgage REIT (NYSE: EARN), but lowered the price target from $20.00 to $17.00.

In the report, Citigroup noted, “We are updating our model and adjusting our price target to reflect Q4'13 results. EARN reported GAAP EPS of -$0.01 and core EPS of $0.74 in Q4'13. Book value was down 2.7% to $18.29 from $18.80. The Q4 dividend of $0.50 equates to an annualized yield of 12% on the current share price. We are keeping our 2014/2015 estimates unchanged and introduce 2016 of $2.20. We are lowering our price target to $17 on 0.9x book value to reflect lower comp valuations and potential for more volatile interest rate environment.”

Ellington Residential Mortgage REIT closed on Thursday at $16.50.

Latest Ratings for EARN

DateFirmActionFromTo
Aug 2016CitigroupMaintainsNeutral
Nov 2015Deutsche BankMaintainsHold
Sep 2015CitigroupMaintainsNeutral

View More Analyst Ratings for EARN
View the Latest Analyst Ratings

Posted-In: Citigroup Donald FandettiAnalyst Color Price Target Analyst Ratings

 

Related Articles (EARN)

View Comments and Join the Discussion!