Is Ellington Financial, Inc. overvalued or undervalued?

As of 7 August 2023, Ellington Financial, Inc. moved from a risky to a very attractive valuation grade. The company is currently undervalued, supported by a P/E ratio of 8, a price-to-book value of 0.74, and an EV to EBITDA ratio of 2.47. In comparison to peers, Ellington Financial's P/E ratio is significantly lower than that of UMH Properties, Inc. at 42.21 and Alexander's, Inc. at 32.50, which further underscores its attractive valuation.
Despite recent underperformance against the S&P 500, with a year-to-date return of 9.16% compared to 12.22% for the index, the company's strong fundamentals and low valuation ratios suggest it may present a compelling investment opportunity.