In a report published Friday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Ellington Residential Mortgage REIT EARN, but lowered the price target from $19.75 to $19.25.
In the report, Deutsche Bank noted, “EARN declares dividend for the period between 5/1 and 6/30 of 14c per share. EARN's stub dividend of 14c for the period between the IPO on May 1 and June 30 was 6c below our 20c estimate. The downside to our estimate was likely a result of lower leverage and a smaller portfolio size ($1.27 billion as of June 14 vs. our 2Q-end $1.65 billion est.). The dividend is payable on July 26 to shareholders of record on June 28.”
Ellington Residential Mortgage REIT closed on Thursday at $17.03.
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