AG Mortgage Investment Trust (NYSE:MITT) Posts Quarterly Earnings Results, Misses Expectations By $0.05 EPS

Key Points

• AG Mortgage Investment Trust reported a quarterly earnings per share (EPS) of $0.18, missing estimates by $0.05, although it exceeded revenue expectations with $21.30 million.
• The company's stock fell 5.6% to $7.14 following the earnings report, and it currently has a market capitalization of $211.92 million.
• AG Mortgage Investment Trust announced an increase in its quarterly dividend to $0.21 per share, representing an annual yield of 11.8%.

AG Mortgage Investment Trust (NYSE:MITT - Get Free Report) posted its quarterly earnings results on Friday. The real estate investment trust reported $0.18 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.05), Zacks reports. The company had revenue of $21.30 million for the quarter, compared to analyst estimates of $21.04 million. AG Mortgage Investment Trust had a return on equity of 11.86% and a net margin of 10.98%.

AG Mortgage Investment Trust Stock Down 5.6%

Shares of NYSE:MITT traded down $0.42 during trading on Friday, reaching $7.14. The stock had a trading volume of 459,625 shares, compared to its average volume of 225,043. AG Mortgage Investment Trust has a 52 week low of $5.63 and a 52 week high of $7.95. The firm has a market capitalization of $211.92 million, a price-to-earnings ratio of 8.00 and a beta of 1.55. The stock has a fifty day simple moving average of $7.52 and a two-hundred day simple moving average of $7.13.

AG Mortgage Investment Trust Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 30th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 11.8%. This is a boost from AG Mortgage Investment Trust's previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 30th. AG Mortgage Investment Trust's dividend payout ratio is presently 94.38%.

Analyst Ratings Changes

MITT has been the subject of several research reports. Wall Street Zen cut shares of AG Mortgage Investment Trust from a "hold" rating to a "sell" rating in a report on Saturday, July 12th. Jones Trading restated a "buy" rating and set a $8.00 price target on shares of AG Mortgage Investment Trust in a report on Tuesday, May 6th. Keefe, Bruyette & Woods raised their price target on shares of AG Mortgage Investment Trust from $8.25 to $8.50 and gave the stock a "market perform" rating in a report on Thursday, July 10th. Finally, UBS Group raised their price target on shares of AG Mortgage Investment Trust from $8.00 to $8.75 and gave the stock a "buy" rating in a report on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $8.44.

Hedge Funds Weigh In On AG Mortgage Investment Trust

A hedge fund recently bought a new stake in AG Mortgage Investment Trust stock. Strs Ohio purchased a new position in shares of AG Mortgage Investment Trust, Inc. (NYSE:MITT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 5,400 shares of the real estate investment trust's stock, valued at approximately $39,000. 27.32% of the stock is currently owned by hedge funds and other institutional investors.

AG Mortgage Investment Trust Company Profile

AG Mortgage Investment Trust, Inc operates as a residential mortgage real estate investment trust in the United States. Its investment portfolio includes residential investments, including non-agency loans, agency-eligible loans, re-and non-performing loans, and non-agency residential mortgage-backed securities, as well as commercial loans and commercial mortgage-backed securities.

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