AG Mortgage Investment Trust (NYSE:MITT) Price Target Raised to $9.00

AG Mortgage Investment Trust (NYSE:MITT) had its price objective raised by JonesTrading from $8.50 to $9.00 in a research note released on Tuesday,Benzinga reports. JonesTrading currently has a buy rating on the real estate investment trust’s stock.

Other research analysts have also recently issued reports about the stock. Credit Suisse Group set a $9.25 target price on shares of AG Mortgage Investment Trust in a research note on Thursday, January 22nd. Wall Street Zen upgraded AG Mortgage Investment Trust from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Piper Sandler reissued an “overweight” rating and set a $10.00 price objective (up from $9.00) on shares of AG Mortgage Investment Trust in a report on Monday, December 22nd. Keefe, Bruyette & Woods raised their target price on AG Mortgage Investment Trust from $8.50 to $9.00 and gave the stock a “market perform” rating in a research report on Thursday, December 18th. Finally, Citizens Jmp upped their price target on AG Mortgage Investment Trust from $8.50 to $9.25 and gave the company a “market outperform” rating in a research report on Thursday, January 22nd. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $9.25.

AG Mortgage Investment Trust Price Performance

Shares of NYSE:MITT opened at $8.36 on Tuesday. AG Mortgage Investment Trust has a 1 year low of $5.63 and a 1 year high of $9.27. The company has a market capitalization of $265.38 million, a PE ratio of 9.50 and a beta of 1.69. The business has a fifty day moving average price of $8.70 and a two-hundred day moving average price of $7.98.

AG Mortgage Investment Trust (NYSE:MITT) last released its earnings results on Tuesday, February 17th. The real estate investment trust reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). The business had revenue of $22.98 million for the quarter, compared to the consensus estimate of $23.16 million. AG Mortgage Investment Trust had a return on equity of 14.58% and a net margin of 10.13%. Sell-side analysts anticipate that AG Mortgage Investment Trust will post 0.78 earnings per share for the current year.

AG Mortgage Investment Trust Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Wednesday, December 31st were issued a $0.23 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This is a positive change from AG Mortgage Investment Trust’s previous quarterly dividend of $0.21. This represents a $0.92 dividend on an annualized basis and a dividend yield of 11.0%. AG Mortgage Investment Trust’s payout ratio is currently 98.92%.

Institutional Trading of AG Mortgage Investment Trust

Several institutional investors and hedge funds have recently modified their holdings of the business. Penserra Capital Management LLC purchased a new stake in AG Mortgage Investment Trust in the second quarter worth $1,128,000. LSV Asset Management increased its position in AG Mortgage Investment Trust by 23.6% during the 2nd quarter. LSV Asset Management now owns 291,580 shares of the real estate investment trust’s stock valued at $2,201,000 after purchasing an additional 55,635 shares during the period. Bailard Inc. raised its holdings in AG Mortgage Investment Trust by 8.2% in the 2nd quarter. Bailard Inc. now owns 82,000 shares of the real estate investment trust’s stock worth $619,000 after purchasing an additional 6,200 shares in the last quarter. Ritholtz Wealth Management lifted its position in shares of AG Mortgage Investment Trust by 180.3% in the 4th quarter. Ritholtz Wealth Management now owns 38,758 shares of the real estate investment trust’s stock worth $330,000 after purchasing an additional 24,933 shares during the period. Finally, Angelo Gordon & CO. L.P. lifted its position in shares of AG Mortgage Investment Trust by 703.3% in the 3rd quarter. Angelo Gordon & CO. L.P. now owns 2,315,966 shares of the real estate investment trust’s stock worth $16,768,000 after purchasing an additional 2,027,676 shares during the period. Hedge funds and other institutional investors own 27.32% of the company’s stock.

AG Mortgage Investment Trust Company Profile

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).