Ellington Financial drops after stock offering unveil

Shares of mortgage real estate investment trust Ellington Financial EFC.N down 2.6% in extended trading to $13.50 as it seeks equity

Old Greenwich, Connecticut-based EFC commences ~8.8 mln share offering

Co intends to use net offering proceeds to fully redeem fixed-to-floating rate preferred stock, any remaining for general purposes

Morgan Stanley and Goldman joint bookrunners

EFC shares on Mon closed down 0.3% at $13.86. Stock has risen about 11% over the past year

As of Jan 23, co has ~115.9 mln shares outstanding, per the offering prospectus

7 of 8 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $14.50, per LSEG data