AG Mortgage Investment Trust (NYSE:MITT) Announces Quarterly Earnings Results

AG Mortgage Investment Trust (NYSE:MITT) posted its earnings results on Monday. The real estate investment trust reported $0.24 earnings per share for the quarter, missing the consensus estimate 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 return on equity of 15.02% and a net margin of 6.71%.

AG Mortgage Investment Trust Stock Performance

Shares of MITT opened at $7.09 on Monday. AG Mortgage Investment Trust has a 12 month low of $6.91 and a 12 month high of $9.27. The stock has a market capitalization of $225.48 million, a price-to-earnings ratio of 17.73 and a beta of 1.65. The company has a current ratio of 10.33, a quick ratio of 10.33 and a debt-to-equity ratio of 23.76. The firm has a fifty day simple moving average of $7.62 and a 200 day simple moving average of $7.85.

AG Mortgage Investment Trust Dividend Announcement

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Kemnay Advisory Services Inc. bought a new stake in shares of AG Mortgage Investment Trust during the 4th quarter worth approximately $40,000. Strs Ohio acquired a new stake in AG Mortgage Investment Trust in the first quarter valued at $39,000. BNP Paribas Financial Markets grew its position in shares of AG Mortgage Investment Trust by 103.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,413 shares of the real estate investment trust’s stock valued at $39,000 after acquiring an additional 2,756 shares during the period. Russell Investments Group Ltd. increased its stake in shares of AG Mortgage Investment Trust by 103.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 7,095 shares of the real estate investment trust’s stock worth $51,000 after purchasing an additional 3,614 shares during the last quarter. Finally, Public Employees Retirement System of Ohio lifted its stake in AG Mortgage Investment Trust by 258.4% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 8,960 shares of the real estate investment trust’s stock valued at $65,000 after purchasing an additional 6,460 shares during the last quarter. Institutional investors and hedge funds own 27.32% of the company’s stock.

Analyst Upgrades and Downgrades

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

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).