AG Mortgage Investment Trust (NYSE:MITT) Issues Earnings Results

AG Mortgage Investment Trust (NYSE:MITT) issued its quarterly earnings data on Monday. The real estate investment trust reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.03), FiscalAI reports. The firm had revenue of $23.39 million during the quarter, compared to analyst estimates of $25.06 million. AG Mortgage Investment Trust had a net margin of 6.71% and a return on equity of 15.02%.

AG Mortgage Investment Trust Price Performance

AG Mortgage Investment Trust stock opened at $7.09 on Monday. The stock has a market cap of $225.48 million, a PE ratio of 17.73 and a beta of 1.65. The company has a debt-to-equity ratio of 23.76, a current ratio of 10.33 and a quick ratio of 10.33. The stock’s fifty day moving average is $7.62 and its two-hundred day moving average is $7.85. AG Mortgage Investment Trust has a 1-year low of $6.91 and a 1-year high of $9.27.

AG Mortgage Investment Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Tuesday, June 30th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 13.5%. The ex-dividend date of this dividend was Tuesday, June 30th. AG Mortgage Investment Trust’s dividend payout ratio is 240.00%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Piper Sandler dropped their price objective on shares of AG Mortgage Investment Trust from $10.00 to $9.50 and set an “overweight” rating for the company in a report on Thursday, July 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of AG Mortgage Investment Trust in a report on Wednesday, July 15th. BTIG Research raised shares of AG Mortgage Investment Trust from a “neutral” rating to a “buy” rating and set a $9.00 price target for the company in a research report on Wednesday, June 17th. Finally, Keefe, Bruyette & Woods cut their price objective on AG Mortgage Investment Trust from $9.00 to $8.50 and set a “market perform” rating on the stock in a research report on Friday, May 1st. Six equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.07.

Institutional Investors Weigh In On AG Mortgage Investment Trust

Several hedge funds and other institutional investors have recently made changes to their positions in MITT. Cetera Investment Advisers grew its holdings in shares of AG Mortgage Investment Trust by 5.9% during the fourth quarter. Cetera Investment Advisers now owns 31,286 shares of the real estate investment trust’s stock worth $267,000 after purchasing an additional 1,732 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in AG Mortgage Investment Trust by 32.9% in the fourth quarter. Russell Investments Group Ltd. now owns 9,429 shares of the real estate investment trust’s stock valued at $80,000 after buying an additional 2,334 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in AG Mortgage Investment Trust by 103.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,413 shares of the real estate investment trust’s stock worth $39,000 after purchasing an additional 2,756 shares during the period. LPL Financial LLC grew its holdings in shares of AG Mortgage Investment Trust by 7.8% during the fourth quarter. LPL Financial LLC now owns 42,561 shares of the real estate investment trust’s stock worth $363,000 after buying an additional 3,068 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of AG Mortgage Investment Trust by 4.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 84,524 shares of the real estate investment trust’s stock valued at $720,000 after purchasing an additional 3,249 shares during the period. Institutional investors and hedge funds own 27.32% of the company’s stock.

About AG Mortgage Investment Trust

AG Mortgage Investment Trust, Inc is a publicly traded, closed-end management investment company that primarily focuses on investing in U.S. residential mortgage assets. The firm seeks to generate current income for its shareholders by acquiring a diversified portfolio of mortgage loans and mortgage-backed securities. As an externally managed mortgage real estate investment trust (REIT), AG Mortgage Investment Trust aims to deliver attractive risk-adjusted returns through active portfolio management and interest rate hedging strategies.

The company’s investment portfolio is concentrated in adjustable-rate residential mortgage loans, including so-called “jumbo” prime ARMs, as well as Agency and non-Agency residential mortgage-backed securities (RMBS).