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

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) issued its earnings results on Friday. The real estate investment trust reported $0.18 earnings per share for the quarter, missing analysts' consensus estimates of $0.23 by ($0.05), Zacks reports. AG Mortgage Investment Trust had a return on equity of 13.15% and a net margin of 10.70%. The firm had revenue of $21.30 million for the quarter, compared to analyst estimates of $21.04 million.

AG Mortgage Investment Trust Stock Performance

Shares of AG Mortgage Investment Trust stock traded down $0.14 on Tuesday, hitting $6.89. The stock had a trading volume of 83,294 shares, compared to its average volume of 225,881. The stock has a 50 day moving average of $7.52 and a 200 day moving average of $7.15. AG Mortgage Investment Trust has a twelve month low of $5.63 and a twelve month high of $7.95. The firm has a market capitalization of $204.47 million, a P/E ratio of 8.02 and a beta of 1.62.

AG Mortgage Investment Trust Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were paid a $0.21 dividend. This is an increase from AG Mortgage Investment Trust's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 12.2%. The ex-dividend date of this dividend was Monday, June 30th. AG Mortgage Investment Trust's payout ratio is currently 97.67%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods boosted their target price on shares of AG Mortgage Investment Trust from $8.25 to $8.50 and gave the company a "market perform" rating in a research report on Thursday, July 10th. Wall Street Zen cut shares of AG Mortgage Investment Trust from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. UBS Group boosted their target price on shares of AG Mortgage Investment Trust from $8.00 to $8.75 and gave the company a "buy" rating in a research report on Thursday, July 10th. Piper Sandler reduced their target price on shares of AG Mortgage Investment Trust from $9.00 to $8.50 and set an "overweight" rating for the company in a research report on Monday. Finally, Jones Trading reissued a "buy" rating and issued a $8.00 target price on shares of AG Mortgage Investment Trust in a research report on Friday. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $8.45.

Institutional Trading of AG Mortgage Investment Trust

An institutional investor recently bought a new position in AG Mortgage Investment Trust stock. Strs Ohio bought a new position in AG Mortgage Investment Trust, Inc. (NYSE:MITT - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm bought 5,400 shares of the real estate investment trust's stock, valued at approximately $39,000. Institutional investors and hedge funds own 27.32% of the company's stock.

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.