Is EFC a buy? - Seeking Alpha

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HEADLINES:

10 Star Financial Services Dogs Seek 11.9% To 22.6% Gains In April
Fredrik Arnold • Tue, May 14 • 2 Comments
Ellington Financial LLC to Present at the JMP Securities Research Conference

PR Newswire (May 10, 2013)
Ellington Financial LLC Announces Pricing of Public Offering of Common Shares

PR Newswire (May 9, 2013)
Ellington Financial LLC Announces Public Offering of Common Shares

PR Newswire (May 8, 2013)
Ellington Financial's CEO Discusses Q1 2013 Results - Earnings Call Transcript
Tue, May 7
Ellington Financial LLC Reports Estimated Book Value Per Share As Of April 30, 2013

PR Newswire (May 7, 2013)
Ellington Financial LLC Reports First Quarter 2013 Results

PR Newswire (May 6, 2013)
Ellington Financial LLC Announces First Quarter Dividend of $0.77 Per Share

PR Newswire (May 2, 2013)
Ellington Financial LLC Announces Release Date of 2013 First Quarter Earnings, Conference Call and Investor Presentation

PR Newswire (Apr 26, 2013)
Ellington Financial LLC Reports Estimated Book Value Per Share As Of March 31, 2013

PR Newswire (Apr 5, 2013)
10 Bad Financial Services Dogs Track 11% To 24.6% Gains In March
Fredrik Arnold • Thu, Mar 28 • 10 Comments
Ellington Financial LLC 2012 K-1 Tax Package Now Available

PR Newswire (Mar 15, 2013)
Ellington Financial Offers A 12.5% Yield And An Annualized Book Value Increase Of 34% So Far In 2013
Albert Alfonso • Mon, Mar 11 • 3 Comments
Ellington Financial LLC Reports Estimated Book Value Per Share As Of February 28, 2013

PR Newswire (Mar 7, 2013)
Morningstar / YCharts Sector Dogs Shed 8.5% To 33.3% Annual Gains
Fredrik Arnold • Tue, Feb 26 • 13 Comments
Ellington Financial LLC Announces Annual Shareholders Meeting and Record Date

PR Newswire (Feb 22, 2013)
Ellington Financial's CEO Discusses Q4 2012 Results - Earnings Call Transcript
Fri, Feb 15
Ellington Financial LLC Reports Fourth Quarter 2012 Results; Increases Dividend to $0.77 Per Share for the Fourth Quarter of 2012 and Declares Special Dividend for 2012 of $0.75 Per Share

PR Newswire (Feb 13, 2013)
Ellington Financial LLC Announces Fourth Quarter Dividend of $0.77 Per Share and Special Dividend for the Year Ended December 31, 2012 of $0.75 Per Share

PR Newswire (Feb 12, 2013)
Ellington Financial LLC Reports Estimated Book Value Per Share As Of January 31, 2013

PR Newswire (Feb 7, 2013)

Ellington Financial: The Best Mortgage 'REIT' At A Healthy Discount To Book Value
Thomas Lott • Tue, Dec 18, 2012 • 43 Comments

Ellington Financial Offers A 12.5% Yield And An Annualized Book Value Increase Of 34% So Far In 2013
Albert Alfonso • Mon, Mar 11 • 3 Comments
Ellington Financial: The Best Mortgage 'REIT' At A Healthy Discount To Book Value
Thomas Lott • Tue, Dec 18, 2012 • 43 Comments
Ellington Financial: A 13% Yield Stock May Have Turned The Corner To A Blowout Year
Greg Group • Wed, Jun 13, 2012 • 2 Comments
Corsair Capital's Market Outlook
Market Folly • Thu, Jan 28, 2010
Another RMBS IPO: Ellington Financial LLC
SA Editor Abbi Adest • Tue, Dec 8, 2009

10 Star Financial Services Dogs Seek 11.9% To 22.6% Gains In April
Fredrik Arnold • Tue, May 14 • 2 Comments
10 Bad Financial Services Dogs Track 11% To 24.6% Gains In March
Fredrik Arnold • Thu, Mar 28 • 10 Comments
Morningstar / YCharts Sector Dogs Shed 8.5% To 33.3% Annual Gains
Fredrik Arnold • Tue, Feb 26 • 13 Comments
Rio Tinto's Long-Term Profit Machine: Iron Ore
IncomeHunter • Thu, Jan 31 • 2 Comments
5 Russell 3000 Second-Best Dividend Yielders, Are They Bargain Stocks Now?
Arie Goren • Thu, Jan 24
Assessing My Recommendations In 2012, Plus My Top Pick For 2013
Thomas Lott • Sun, Dec 23, 2012 • 89 Comments
SeekingAlpha Favorites Boosted By Hedge Fund Buying
Contextuall • Thu, Dec 6, 2012 • 1 Comment
Your 2013 Portfolio: 10 High-Yielding Dividend Stocks, Part I
Epsilon • Tue, Dec 4, 2012 • 14 Comments
How To Analyze The Value In Hybrid Mortgage REITs - Part 2
REIT Analyst • Fri, Nov 9, 2012 • 54 Comments
2 Undervalued Stocks With 12% Or More Dividend Yield
Greg Group • Thu, Sep 13, 2012 • 14 Comments
Not All Dividends Are Worth It
Alberto Quintana • Thu, Aug 30, 2012 • 18 Comments
10 Stocks With Yields Over 10% Go Ex-Dividend Next Week
Dividend Screen • Sat, Aug 25, 2012 • 21 Comments
Small Caps With Over 6% Yields Going Ex-Dividend Next Week
StockPandit • Mon, Aug 20, 2012 • 1 Comment
Cramer's Lightning Round - It Is Time For More Wells Fargo (8/16/12)
SA Editor Miriam Metzinger • Fri, Aug 17, 2012 • 2 Comments
Is Chimera One Of The Better Plays In The REIT Sector?
Matt Schilling • Mon, Aug 6, 2012 • 34 Comments
High Risk - High Reward: Maybe, Maybe Not
Henry Nyce • Mon, Jul 2, 2012 • 30 Comments
3 Small Caps Offering 5%+ Yields Off Of Strong Earnings
ZetaKap • Tue, Jun 26, 2012
High Yield Companies Making 52-Week Highs
Gutone • Tue, Jun 26, 2012
Dividend Model Changes With Today's Federal Reserve Actions
Todd Johnson • Thu, Jun 7, 2012 • 45 Comments
8 Sectors And Dow April Dividend Dog Report
Fredrik Arnold • Fri, Jun 1, 2012 • 4 Comments

Ellington Financial LLC to Present at the JMP Securities Research Conference

PR Newswire (May 10, 2013)
Ellington Financial LLC Announces Pricing of Public Offering of Common Shares

PR Newswire (May 9, 2013)
Ellington Financial LLC Announces Public Offering of Common Shares

PR Newswire (May 8, 2013)
Ellington Financial LLC Reports Estimated Book Value Per Share As Of April 30, 2013

PR Newswire (May 7, 2013)
Ellington Financial LLC Reports First Quarter 2013 Results

PR Newswire (May 6, 2013)
Ellington Financial LLC Announces First Quarter Dividend of $0.77 Per Share

PR Newswire (May 2, 2013)
Ellington Financial LLC Announces Release Date of 2013 First Quarter Earnings, Conference Call and Investor Presentation

PR Newswire (Apr 26, 2013)
Ellington Financial LLC Reports Estimated Book Value Per Share As Of March 31, 2013

PR Newswire (Apr 5, 2013)
Ellington Financial LLC 2012 K-1 Tax Package Now Available

PR Newswire (Mar 15, 2013)
Ellington Financial LLC Reports Estimated Book Value Per Share As Of February 28, 2013

PR Newswire (Mar 7, 2013)
Ellington Financial LLC Announces Annual Shareholders Meeting and Record Date

PR Newswire (Feb 22, 2013)
Ellington Financial LLC Reports Fourth Quarter 2012 Results; Increases Dividend to $0.77 Per Share for the Fourth Quarter of 2012 and Declares Special Dividend for 2012 of $0.75 Per Share

PR Newswire (Feb 13, 2013)
Ellington Financial LLC Announces Fourth Quarter Dividend of $0.77 Per Share and Special Dividend for the Year Ended December 31, 2012 of $0.75 Per Share

PR Newswire (Feb 12, 2013)
Ellington Financial LLC Reports Estimated Book Value Per Share As Of January 31, 2013

PR Newswire (Feb 7, 2013)
Ellington Financial LLC Announces Release Date of Fourth Quarter Earnings and Conference Call and Investor Presentation

PR Newswire (Feb 4, 2013)
Ellington Financial LLC Reports Estimated Book Value Per Share As Of December 31, 2012

PR Newswire (Jan 8, 2013)
Ellington Financial LLC Reports Estimated Book Value Per Share As Of November 30, 2012

PR Newswire (Dec 7, 2012)
Ellington Financial LLC Reports Estimated Book Value Per Share as of October 31, 2012

PR Newswire (Nov 8, 2012)
Ellington Financial LLC Reports Third Quarter 2012 Results

PR Newswire (Nov 7, 2012)
Ellington Financial LLC Announces Third Quarter Dividend of $0.70 Per Share

PR Newswire (Nov 2, 2012)

EFC vs. ETF Alternatives

Company Description

Currently, there's no company description for EFC.

Sector: Financial

Industry: Mortgage Investment

Country: United States

All
| Earnings
| Dividends
| M&A
| On the move

Friday, May 24, 7:34 AM Ellington Management hires Steven Abreu from GMAC Mortgage as the MBS specialist (EFC, EARN) founded by Mike Vranos gets into the mortgage origination business. Ellington Financial (EFC) will wade into the market with the purchase of small or medium-sized originators says CFO Larry Penn, but the goal, says Vranos, is to build a top-tier national lender with $20B/year or more in originations. 1 Comment [Financials]
Thursday, May 9, 8:26 AM Ellington Financial (EFC) announces pricing of its 5M share secondary for estimated gross proceeds of $131.5M. It suggests a price of $26.30, which was the closing price in yesterday's regular session. Shares -3.5% to $25.39 in the premarket may give a better idea of where the secondary priced. Book value as of April 30 was $25.02. (PR) Comment! [Financials, Breaking News, On the Move]
Wednesday, May 8, 4:54 PM Ellington Financial (EFC) announces a 5M share secondary which will add about 25% to the current float. Shares were off 1.3% to $26.30 in regular session today as traders maybe sold ahead of the move given last night's announced book value of $25.03. The stock's off 3.2% AH to $25.45. (PR) Comment! [Financials, Breaking News]
Tuesday, May 7, 5:00 PM Ellington Financial (EFC) reports estimated book value/share on April 30 of $25.02. The stock - which closed today up 2.5% (post-earnings) at $26.60 - is now at a 6.3% premium to book. (PR) Comment! [Financials, Breaking News]
Tuesday, May 7, 11:26 AM Ellington Financial (EFC +1%) is considering entering the loan origination market, says management on the earnings call. The company sees traditional lenders as fighting the last war and still too reluctant to make loans given improving housing prices and employment. (earnings last night) (presentation slides) Comment! [Financials]
Monday, May 6, 8:50 PM Ellington Financial (EFC): Q1 EPS of $1.94 vs. $1.19 in Q4. Book value/share of $24.78, up 1.6% from Q4, up 4.7% if the $0.75 special dividend is factored back in. With stock at $25.95, the days of Ellington trading below book are over for the moment. Non-agency MBS strategy generated $2.17/share in gross income. Agency strategy generated $0.04 of gross income. Attractive valuations had Ellington establishing small capital allocation to CLO market in Q1. "The company views investments in this area as opportunistic in nature." Conference call tomorrow at 11 ET. (PR) Comment! [Financials, Earnings]
Friday, May 3, 9:04 AM Ellington Financial (EFC) declares $0.77/share quarterly dividend, in line with previous. Forward yield 11.87%. For shareholders of record May 31. Payable June 17. Ex-div date May 29. (PR) Comment! [Dividends]
Thursday, May 2, 9:23 PM Ellington Financial (EFC) declares $0.77/share quarterly dividend, in line with previous. Forward yield 11.9%. For shareholders of record May 31. Payable June 17. (PR) Comment! [Dividends]
Wednesday, May 1, 10:26 AM Ellington Residential Mortgage REIT (EARN -4.1%) slides in early trade after pricing its IPO at $20/share. Total gross proceeds of the offering are $129M. The company is run by the same team in charge of Ellington Financial (EFC), but structured as a REIT instead of EFC's partnership. Comment! [Financials, On the Move]
Monday, April 8, 10:28 AM Ellington Financial (EFC +0.9%) reports estimated book value of $24.74/share as of March 31, up from $24.52 a month earlier. Value-seeking investors used to picking up Ellington for below book value don't have that opportunity at the moment with the stock at $24.79. (PR) Comment! [Financials]
Tuesday, April 2, 7:12 AM Ellington Residential Mortgage - a mortgage REIT investing in both agency and non-agency MBS - files for an IPO of up to $100M. The ticker symbol will be EARN. The company is a JV between Blackstone and Ellington Financial (EFC) - itself an investor in similar securities, but in a partnership structure. (S-11) Comment! [Financials]
Friday, March 8, 7:03 AM Ellington Financial (EFC) reports estimated book value of $24.52/share on Feb. 28. This is down from $25.69 at the end of January, but the company paid out $1.52 in dividends during the period. The stock price is $24.90, putting the shares at a premium to book for the first time in recent memory. (PR) 1 Comment [Financials]
Thursday, February 14, 11:40 AM One year ago, housing was the place to be, says Ellington Financial (EFC) management on the earnings call. Housing should still do fine in 2013, but MBS securities are already priced to reflect this. The company has pared back the non-agency paper which brought such great profit in 2012, and has upped holdings of recently-slumped agency securities. Also likely to get more firm capital in 2013 are CMBS. (presentation) Comment! [Financials]
Wednesday, February 13, 5:30 PM More on Ellington Financial (EFC) Q4 earnings: Non-agency strategy gross income of $1.56/share. "In light of the significant rally," company is lightening up on non-agency holdings. Company also trimmed CMBS holdings, but expects further opportunities in this sector - the firm made its first purchase of a non-performing commercial mortgage this quarter. Earnings call tomorrow at 11 ET is always worth a listen. (PR) Comment! [Earnings, Financials]
Wednesday, February 13, 5:22 PM Ellington Financial (EFC): Q4 EPS of $1.19. Book value/share of $24.38 after $0.70 Q4 dividend, up from $23.88 in Q3. (PR) Comment! [Breaking News, Earnings, Financials]
Tuesday, February 12, 7:51 PM Ellington Financial (EFC) declares a Q4 dividend of $0.77/share and a special dividend for FY2012 of $0.75. The regular dividend is a 10% bump from the previous payout. Kudos go to SA Pro author Thomas Lott who in mid-December highlighted this underfollowed partnership as an alternative investment idea for mREIT fans. Shares +3.5% AH. (PR) 2 Comments [Financials, On the Move]

Albert Alfonso
$EFC has really been underperforming lately...
Thu, 3:08 PM
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Ocean Man: Underperforming the market or the mREITs it generally trades with?
Thu, 4:03 PM
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Albert Alfonso: It has yet to recover from the recent secondary. I know mREITs are weak, but EFC really is not in the same class.
12 hours ago
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Clayton Rulli
Mgmt owns %16 of $EFC interesting. Slide 28 was impressive http://bit.ly/19RHDPT
Sun, 5:07 PM
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Ocean Man: Hadn't seen that yet, thanks. Really liked slide 28.
Mon, 11:10 AM
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Ocean Man
Sold back 1/4 of my $EFC at exactly break-even from the first day I bought it at $25.31. Remaining 3x position averaged in at $24.94.
May 15, 1:05 PM
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Ocean Man: I have a ton of dry powder right now, and very few ideas of stocks that look cheap.
May 15, 2:31 PM
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AdamRugg: Gotcha!
May 15, 2:39 PM
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Ocean Man
Nice bounces for $EFC and $AGNC. Big bounce in oil too ($UCO).
May 15, 12:31 PM
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Ocean Man
Added to $EFC at $24.78.
May 15, 9:55 AM
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Albert Alfonso: wow, great price OM! I cannot believe it broke below BV
May 15, 12:55 PM
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Ocean Man: Wasn't under there for long Albert!
May 15, 1:06 PM
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Ocean Man
Added to $EFC at $25.02. Right at book value. 12.3% yield. Ex-div in 2 weeks.
May 14, 12:04 PM
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AdamRugg: Thanks for your response.
May 14, 1:09 PM
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oneotherfool: Followed today @ 25.01.
May 15, 9:35 AM
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Ocean Man
Added to $EFC at $25.13. Getting close to BV of $25.02.
May 13, 12:02 PM
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AlbionWood
Fishing for more $EFC at 25.25 even though I hate paying >BV.
May 13, 11:36 AM
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Ocean Man
$EFC trading over $25.50 AH.
May 9, 5:31 PM
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jvix: $EFC generates a K-1, right?
May 9, 7:52 PM
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Ocean Man: Yes, jvix. And I'd take the over AA.
May 9, 8:39 PM
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Ocean Man
I will be accumulating $EFC today. Great company, 12% yield, on a 5.5% pullback due to a secondary offering. $25.35 1st leg in the pre-mkt.
May 9, 9:13 AM
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Ocean Man: It then went to trading at a premium as high as 7%. It could definitely get back to that premium, people love the dividend growth.
May 9, 12:13 PM
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Ocean Man: I was hoping it would dip more, but ended the day averaged in at $25.31. I'll buy more if it drops more tomorrow.
May 9, 3:53 PM
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LATEST REPLIES

Clayton Rulli
Mgmt owns %16 of $EFC interesting. Slide 28 was impressive http://bit.ly/19RHDPT
Sun, 5:07 PM
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Ocean Man: Hadn't seen that yet, thanks. Really liked slide 28.
Mon, 11:10 AM
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Ocean Man
Sold back 1/4 of my $EFC at exactly break-even from the first day I bought it at $25.31. Remaining 3x position averaged in at $24.94.
May 15, 1:05 PM
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Ocean Man: I have a ton of dry powder right now, and very few ideas of stocks that look cheap.
May 15, 2:31 PM
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AdamRugg: Gotcha!
May 15, 2:39 PM
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Ocean Man
Added to $EFC at $24.78.
May 15, 9:55 AM
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Albert Alfonso: wow, great price OM! I cannot believe it broke below BV
May 15, 12:55 PM
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Ocean Man: Wasn't under there for long Albert!
May 15, 1:06 PM
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Ocean Man
Added to $EFC at $25.02. Right at book value. 12.3% yield. Ex-div in 2 weeks.
May 14, 12:04 PM
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AdamRugg: Thanks for your response.
May 14, 1:09 PM
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oneotherfool: Followed today @ 25.01.
May 15, 9:35 AM
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Ocean Man
$EFC trading over $25.50 AH.
May 9, 5:31 PM
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jvix: $EFC generates a K-1, right?
May 9, 7:52 PM
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Ocean Man: Yes, jvix. And I'd take the over AA.
May 9, 8:39 PM
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Ocean Man
I will be accumulating $EFC today. Great company, 12% yield, on a 5.5% pullback due to a secondary offering. $25.35 1st leg in the pre-mkt.
May 9, 9:13 AM
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Ocean Man: It then went to trading at a premium as high as 7%. It could definitely get back to that premium, people love the dividend growth.
May 9, 12:13 PM
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Ocean Man: I was hoping it would dip more, but ended the day averaged in at $25.31. I'll buy more if it drops more tomorrow.
May 9, 3:53 PM
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Ocean Man
Considerable drop in $EFC book value from $25.69 to $24.52. Partly expected after big special div, but more than I expected (no position).
Mar 8, 8:38 AM
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Albert Alfonso: So, they paid the special dividend + regular for $1.52, which would have led to a BV of $24.17... so in one month they grew BV by $0.35?
Mar 8, 9:02 AM
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Aliefduffey: Still holding with 10% profit and several dividends.
Mar 8, 9:06 AM
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Ocean Man
Wow, looks like I sold $EFC too early. Didn't think it would go that high above book value.
Feb 19, 1:53 PM
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wigit5: I'll probably buy a small position in the next day or two and increase on dips. I like what I've seen thus far a lot.
Feb 19, 3:45 PM
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Albert Alfonso: I bought $EFC 1 cent above book value and plan to keep it. Its a gem of a stock and the business is very profitable
Feb 19, 4:56 PM
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Albert Alfonso
I was able to buy some $EFC @25.70, 1 cent above book value. kudos to OM for suggesting this name.
Feb 13, 12:21 PM
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Ocean Man: Trading at $26.90 AH tonight.
Feb 14, 5:54 PM
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Ocean Man
Gotta love it when your 11% yielder raises the dividend by 10% and throws on a bonus 3% special dividend. $EFC up 4% in the pre.
Feb 13, 8:42 AM
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Paul Frederickson: Ill keep it on my radar to see if there is a sell off after the ex-div, good pick
Feb 13, 2:14 PM
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Ocean Man: Thanks guys. $1.52 will come out on the ex-div date.
Feb 13, 3:18 PM
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Ocean Man
Sold $EFC for a gain of 6.2% in 5 days. $24.55 ---> $26.08. http://seekingalpha.com/s/bmrlf
Feb 13, 9:39 AM
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det9: Awesome. Good job and good idea.
Feb 13, 10:05 AM
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Aliefduffey: Holding. Up 15% and owned since September. It is a core in my dividend fund.
Feb 13, 1:27 PM
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Ocean Man
Bought $EFC at $24.55. Just announced a 5% increase to book value. 11.5% yield. Last year I bought this at $21.91 when it was at a discount
Feb 8, 9:35 AM
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Ocean Man: Get ready to roll in some money tomorrow Alie.
Feb 12, 8:10 PM
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Aliefduffey: I like $1.52 per share dividend! $EFC!
Feb 13, 1:50 AM
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Albert Alfonso
$EFC just announced a special dividend of $0.75 and boosted the regular dividend 10%. http://bit.ly/Wjtff4
Feb 12, 5:56 PM
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weed: Heck yeah!
Feb 12, 6:01 PM
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Ocean Man: God I love that company.
Feb 12, 7:43 PM
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Ocean Man
Out of $EFC for a gain of 12% in 4 months. $21.91 ---> $23.85 + $0.70 dividend. http://seekingalpha.com/s/76z1r
Jan 14, 10:07 AM
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racerhead: thanks!
Jan 14, 10:56 AM
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Aliefduffey: Still holding just for the dividend. Need to rebuild my dividends in other months.
Jan 14, 2:14 PM
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Ocean Man
Also trimmed some $EFC for a gain of 10% in 4 months. $21.91 ---> $23.39 + $0.70 dividend. http://seekingalpha.com/s/76z1r
Jan 4, 4:18 PM
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Ocean Man: Still like it, position was just too large, needed a trim.
Jan 4, 4:18 PM
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EFC Ellington Financial LLC

EFC

Ellington Financial LLC