EARN
Ellington Residential Mortgage REITNYSE
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  • Tue, Nov. 1, 4:51 PM
    • Q3 core earnings of $2.9M or $0.32 per share flat from Q2. Excluding "Catch-up Premium Amortization Adjustment," core earnings of $0.48 per share also flat from Q2. Dividend is $0.40.
    • Book value per share of $15.70 up from $15.38 three months earlier. Today's close of $12.50 is a 20% discount to book.
    • Economic return of $0.72 for the quarter, or 18.7% annualized on starting book value.
    • CPR rose to 12.7% from 10.1% in Q2; NIM up one basis point to 1.77%.
    • Conference call tomorrow at 11 ET
    • Previously: Ellington Residential Mortgage REIT reports Q3 results (Nov. 1)
    • EARN flat after hours
    | Tue, Nov. 1, 4:51 PM
  • Tue, Nov. 1, 4:45 PM
    • Ellington Residential Mortgage REIT (NYSE:EARN): Q3 EPS of $0.32
    • Net interest income of $4.82M (-8.7% Y/Y)
    • Press Release
    | Tue, Nov. 1, 4:45 PM
  • Tue, Sep. 13, 5:35 PM
    • Ellington Residential Mortgage REIT (NYSE:EARN) declares $0.40/share quarterly dividend, in line with previous.
    • Forward yield 12.13%
    • Payable Oct. 25; for shareholders of record Sept. 30; ex-div Sept. 28.
    | Tue, Sep. 13, 5:35 PM
  • Wed, Aug. 3, 11:38 AM
    • Q2 core earnings of $2.9M or $0.32 per share vs. $4.9M and $0.53 in Q1. Excluding "catch-up premium amortization adjustment," core EPS of $0.48 vs. $0.50 in Q1. Dividend is $0.40.
    • Book value per share of $15.38 slips one penny from three months earlier. Current price of $14.05 is an 8.6% discount to book.
    • Economic return of $0.39 per share for the quarter, or about 10% annualized.
    • Excluding catch-up premium amortization adjustment, NIM of 1.76% slipped seven basis points on the quarter.
    • CPR of 10.1% up from 7.1%.
    • Earnings call slides hosted on Seeking Alpha
    • Previously: Ellington Residential Mortgage REIT reports Q2 results (Aug. 2)
    • EARN is lower by 1.6% on today's session, but has run higher by about 40% since mid-January.
    | Wed, Aug. 3, 11:38 AM
  • Tue, Aug. 2, 7:05 PM
    • Ellington Residential Mortgage REIT (NYSE:EARN): Q2 EPS of $0.32
    • Net interest income of $5.28M (-30.5% Q/Q)
    • Press Release
    | Tue, Aug. 2, 7:05 PM
  • Tue, Jun. 14, 4:46 PM
    • Ellington Residential Mortgage REIT (NYSE:EARN) declares $0.40/share quarterly dividend, -11.1% decrease from prior dividend of $0.45.
    • Forward yield 12.33%
    • Payable July 27; for shareholders of record June 30; ex-div June 28.
    | Tue, Jun. 14, 4:46 PM
  • Wed, May 18, 2:25 PM
    • Having repriced over the past few months for a rates lower-for-longer environment, mREITs (REM -1.6%) may have to reprice again as the FOMC minutes more or less signal the central bank's intention to hike rates in June.
    • Yield-starved names like banks, insurers, and online brokers are soaring, but income producers like Annaly Capital (NLY -2.7%), American Capital Mortgage (AGNC -2.5%), Armour (ARR -3.1%), CYS Investments (CYS -3.4%), Capstead (CMO -2%), Western Asset (WMC -2.3%), Anworth (ANH -2.3%), and Ellington Residential (EARN -2.4%) are going the opposite way.
    • ETFs: MORL, REM, MORT
    | Wed, May 18, 2:25 PM | 107 Comments
  • Wed, May 4, 8:03 AM
    • Q1 core earnings of $4.9M or $0.53 per share vs. $49M and $0.49 in Q4. Dividend is $0.45. Excluding "catch-up premium amortization adjustment," core earnings of $4.6M or $0.50 vs. $5.6M and $0.61 in Q4.
    • Book value per share of $15.39 fell from $15.86. Last night's close of $12.13 is a 21.2% discount to book.
    • Economic return of negative $0.02 for the quarter, or less than negative 1% annualized.
    • NIM of 1.92% up 25 bps from last quarter; excluding catch-up premium amortization, NIM of 1.83% down 18 bps. CPR of 7.1% vs. 6.5%.
    • Company bought back just shy of 18K shares in early part of quarter amid big price declines - average price of purchases of $10.94 vs. current price of $12.13.
    • Conference call at 11 ET
    • Previously: Ellington Residential Mortgage REIT beats on revenue (May 3)
    • EARN flat premarket
    | Wed, May 4, 8:03 AM
  • Tue, May 3, 10:54 PM
    • Ellington Residential Mortgage REIT (NYSE:EARN): Q1 FFO of $0.53
    • Revenue of $7.6M (+1.3% Y/Y) beats by $0.1M.
    | Tue, May 3, 10:54 PM | 1 Comment
  • Mon, Apr. 11, 12:49 PM
    • Annaly Capital (NLY -1.1%) is lower following its agreement to purchase Hatteras Financial (HTS +10.2%) for $1.5B in cash and stock. The other sector giant, American Capital Agency (AGNC -0.1%) is in the red as well - makes sense considering these two players are acquirers (or at least potentially so), not targets.
    • With the deal, Annaly is adding a portfolio of variable rate mortgages to its books for about 85% of book value.
    • The rest of the sector has market caps of about $2.5B down to sub-$250M, making them digestible as well.
    • CYS Investments (CYS +1.3%), American Capital Mortgage (MTGE +1.9%), New York Mortgage (NYMT +2.5%), Anworth Mortgage (ANH +1.2%), Dynex Capital (DX +0.9%), AG Mortgage (MITT +1.2%), Ellington Residential (EARN +1.2%), PennyMac (PMT +1%), Five Oaks (OAKS +1.6%).
    • ETFs: MORL, REM, MORT
    • Now read: Annaly: Boom Goes The Dynamite (April 11)
    | Mon, Apr. 11, 12:49 PM | 10 Comments
  • Thu, Mar. 17, 1:31 PM
    • It's day two of advances for the mortgage REIT sector (REM +1.6%) after the Fed's dovish turn yesterday. The spread between two-year and ten-year U.S. Treasury yields is up to 102 basis points vs. an eight-year low of 95 bps just over a week ago. That spread, of course, is what mortgage REITs profit from, and bigger is better.
    • American Capital Agency (AGNC +1.8%), Two Harbors (TWO +2%), CYS Investments (CYS +1.8%), New York Mortgage (NYMT +5.3%), MFA Financial (MFA +1.2%), Dynex (DX +2.4%), Ellington (EARN +1.7%), Five Oaks (OAKS +2.9%)
    • ETFs: MORL, REM, MORT, LMBS
    • Previously: Mortgage REITs in the green after dovish Fed (March 16)
    | Thu, Mar. 17, 1:31 PM | 12 Comments
  • Wed, Mar. 9, 8:32 AM
    • Ellington Residential Mortgage REIT (NYSE:EARN) declares $0.45/share quarterly dividend, in line with previous.
    • Forward yield 14.66%
    • Payable April 25; for shareholders of record March 31; ex-div March 29.
    | Wed, Mar. 9, 8:32 AM
  • Fri, Feb. 26, 10:07 AM
    • The mREITs (REM +1.3%) are higher across the board after Apollo Residential Mortgage (AMTG +31.3%) agrees to a sale at a hefty premium to last night's close, but still at a discount to book value.
    • The entire sector is trading at sizable discounts to book value, with some names at massive discounts. For its part, Apollo Residential yesterday could be purchased for about 60% of its end-of-year book value. And the assets on the books of these companies tend to be highly liquid and easily valued.
    • Running an mREIT may not be a terribly efficient exercise at the small market caps most of the sector sports. The companies depend on being able to issue stock with which to fund growth, but can't do so (without being wildly dilutive) when the shares are trading at such wide discounts.
    • Sector giants Annaly Capital (NLY +0.6%) and American Capital Agency (AGNC +1.2%) have market caps above $6B, and Two Harbors (TWO +0.8%), Chimera (CIM +1.1%), CYS Investments (CYS +1%), Invesco (IVR +3.5%), Hatteras (HTS +1.2%), MFA Financial (MFA +1%), and Capstead (CMO +1%) are all near or well over $1B.
    • Players in Apollo's league (sub-$500M market cap) include New York Mortgage (NYMT +1%), Western Asset (WMC +0.6%), Anworth (ANH +1.3%), Dynex (DX +1.4%), Arlington Asset (AI +4.6%), AG Mortgage (MITT +8.7%), The Ellingtons (EFC +1.9%), (EARN +1.1%), Javelin (JMI +2.8%), Orchid Island (ORC +1.5%), Five Oaks (OAKS +0.7%), ZAIS Financial (ZFC +1.3%)
    | Fri, Feb. 26, 10:07 AM | 32 Comments
  • Thu, Feb. 11, 8:10 AM
    • Q4 core earnings of $4.5M or $0.49 per share vs. $6.3M and $0.69 one year ago. Excluding "catch-up premium amortization adjustments," core earnings of $0.61 per share vs. $0.59 in Q3. The dividend is $0.45.
    • Book value per share fell to $15.86 from $16.20 three months earlier. Last night's close of $10.92 is a 31% discount to book. Subtracting the fall in book value from the dividend yields a positive return of $0.15 for the quarter.
    • Net interest margin of 1.67% down from 2.19% in Q3. Excluding "catch-up premium amortization adjustments," NIM of 2.01% vs. 1.93% in Q3.
    • CPR rises to 7.5% from 7.1%.
    • Buybacks weren't material.
    • CEO Larry Penn: "We believe that given recent significant weakness in the credit markets, it may soon be appropriate to increase our allocation to non-Agency RMBS."
    • Conference call at 11 ET
    • Previously: Ellington Residential Mortgage REIT reports Q4 results (Feb. 10)
    • EARN flat premarket
    | Thu, Feb. 11, 8:10 AM
  • Wed, Feb. 10, 10:54 PM
    • Ellington Residential Mortgage REIT (NYSE:EARN): Q4 EPS of $0.49
    • Revenue of $7.5M (-22.4% Q/Q)
    | Wed, Feb. 10, 10:54 PM
  • Wed, Jan. 20, 10:44 AM
    • The discounts to book values across the sector have grown to such high levels that one wonders whether it just makes more sense for many of these players to liquidate the portfolios and return the money to the shareholders.
    • Sector giants Annaly Capital (NLY -4.9%) and American Capital Agency (AGNC -4.6%) are selling at 30% discounts to their most recent book value.
    • Armour Residential (ARR -8.3%), Invesco Mortgage (IVR -7%), Hatteras Financial (HTS -5%), New York Mortgage (NYMT -9.5%), Apollo Residential (AMTG -6.4%), AG Mortgage (MITT -7.2%), Anworth (ANH -6.3%), Arlington Asset (AI -8.7%), and Five Oaks (OAKS -8%) are selling at greater than 40% discounts. Two Harbors (TWO -7.5%), CYS Investments (CYS -6.2%), American Capital Mortgage (MTGE -6%), Capstead (CMO -5.9%), Dynex (DX -7.2%), Western Asset (WMC -8%), Ellington Residential (EARN -7.2%), and Orchid Island (ORC -9.6%) are all nearing 40% discounts.
    • MFA Financial (MFA -6.4%) and Chimera Investment (CIM -8.1%) are both nearing 30% discounts to book.
    • ETFs: MORL, REM, MORT, LMBS
    | Wed, Jan. 20, 10:44 AM | 249 Comments