Ellington Financial (EFC) Reports Q2: Everything You Need To Know Ahead Of Earnings
Mortgage investment firm Ellington Financial (NYSE:EFC) will be reporting results this Thursday after the bell. Here’s what you need to know.
Ellington Financial beat analysts’ revenue expectations last quarter, reporting revenues of $171.3 million, up 107% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ tangible book value per share estimates and a beat of analysts’ EPS estimates.
Is Ellington Financial a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Ellington Financial’s revenue to grow 21.6% year on year, improving from the 1.5% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Ellington Financial has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Ellington Financial’s peers in the thrifts & mortgage finance segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Arbor Realty Trust’s revenues decreased 11.1% year on year, beating analysts’ expectations by 7.1%, and Northwest Bancshares reported revenues up 20.2%, topping estimates by 1%. Arbor Realty Trust traded up 7.7% following the results while Northwest Bancshares was also up 3.2%.
Read our full analysis of Arbor Realty Trust’s results here and Northwest Bancshares’s results here.
There has been positive sentiment among investors in the thrifts & mortgage finance segment, with share prices up 2.3% on average over the last month. Ellington Financial is down 1.6% during the same time and is heading into earnings with an average analyst price target of $14.79 (compared to the current share price of $13.37).
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