2024-04-04 07:48:43 ET
Summary
- Ellington Financial is a solid mREIT with attractive dividends, despite recent dividend cuts and book value decline.
- The company invests in residential and commercial mortgage loans, aiming to generate attractive risk-adjusted returns.
- The recovering housing market in 2024-2025 is expected to benefit Ellington Financial, improving asset quality and stimulating demand for new mortgages.
- Shares are a buy with price target of $15.
Investment Thesis
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Ellington Financial: Well Positioned For A Housing Market Recovery