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

Key Points

• AG Mortgage Investment Trust reported quarterly EPS of $0.24, below analysts’ $0.27 consensus estimate, while revenue of $23.39 million also missed expectations of $25.06 million.
• The stock opened at $7.09, near its 52-week low of $6.91, while the company maintained a quarterly dividend of $0.24 per share, equivalent to a 13.5% annualized yield.
• Analyst sentiment remains moderately positive, with six Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $9.07.

AG Mortgage Investment Trust (NYSE:MITT - Get Free Report) posted its quarterly earnings data on Monday. The real estate investment trust reported $0.24 EPS for the quarter, missing analysts' consensus estimates of $0.27 by ($0.03), FiscalAI reports. The business 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

MITT opened at $7.09 on Monday. The firm has a 50 day simple moving average of $7.62 and a 200 day simple moving average of $7.85. AG Mortgage Investment Trust has a fifty-two week low of $6.91 and a fifty-two week high of $9.27. The company has a market cap of $225.48 million, a price-to-earnings 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.

AG Mortgage Investment Trust Announces Dividend

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

Institutional Trading of AG Mortgage Investment Trust

Institutional investors have recently bought and sold shares of the business. MML Investors Services LLC acquired a new position in AG Mortgage Investment Trust in the fourth quarter valued at about $123,000. Cerity Partners LLC acquired a new position in shares of AG Mortgage Investment Trust during the 4th quarter worth about $90,000. HighTower Advisors LLC acquired a new position in shares of AG Mortgage Investment Trust during the 4th quarter worth about $122,000. Moors & Cabot Inc. bought a new stake in shares of AG Mortgage Investment Trust in the 3rd quarter valued at about $120,000. Finally, Alliancebernstein L.P. increased its stake in shares of AG Mortgage Investment Trust by 23.1% in the 3rd quarter. Alliancebernstein L.P. now owns 20,270 shares of the real estate investment trust's stock valued at $147,000 after acquiring an additional 3,800 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 research analysts recently issued reports on MITT shares. Weiss Ratings reaffirmed a "hold (c)" rating on shares of AG Mortgage Investment Trust in a report on Wednesday, July 15th. BTIG Research upgraded shares of AG Mortgage Investment Trust from a "neutral" rating to a "buy" rating and set a $9.00 price objective for the company in a research report on Wednesday, June 17th. Keefe, Bruyette & Woods dropped their target price 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 note on Friday, May 1st. Finally, Piper Sandler reduced their target price on shares of AG Mortgage Investment Trust from $10.00 to $9.50 and set an "overweight" rating on the stock in a research report on Thursday, July 2nd. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, AG Mortgage Investment Trust presently has a consensus rating of "Moderate Buy" and a consensus price target 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).

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