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Stock Alert: Ellington Financial Rises 60%

Shares of mortgage finance company Ellington Financial Inc. (EFC) are climbing more than 60% Wednesday morning.

On Tuesday the company has reported that as of March 31, estimated book value per common share of $15.08, only 17.5% decline from $18.27 as of February 29, 2020.

On April 7, the company announced a monthly dividend of $0.08 per share. In March it had paid dividend of $0.15 per share.

"Through the volatility, we have met all margin calls, strategically lowered our leverage, and maintained what we believe is a strong liquidity position," said Laurence Penn, Chief Executive Officer and President of the Company.

"Looking forward, we believe that the opportunities for future returns are strong given the significant repricing across most of our targeted asset classes, where we see substantial yield spread widening even after taking into account the anticipated fundamental credit effects of recent macro-economic developments," Penn added.

EFC stock is currently trading at $8.41. It has traded in the range of $3.24-$19.12 in the past one year.

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