Seeking Alpha

Ellington reports; sees 2014 opportunities

  • Ellington Financial (EFC) Q4 EPS of $0.58 misses by $0.05.
  • Book value of $23.99 per share after payment of $0.77 dividend is off from $24.19 at the end of Q3. For all of 2013, book value per share declined only 1.6% after the payment of more than $3 per share in dividends.
  • CEO Laurence Penn: "We expect that the opportunity for trading gains will continue to be strong in 2014, particularly as the large Wall Street broker-dealers continue to shrink their balance sheets and reduce their tolerance for risk-taking." In Q4, he notes, Ellington purchased its first pool of non-performing residential loans, added to its distressed commercial loan portfolio, and purchased its first European non-dollar-denominated RMBS.
  • A $10M share repurchase authorization from 2011 remains in force, but mostly dormant as the stock hasn't really traded at too much of a discount to book.
  • CC tomorrow at 11 ET
  • Press release
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