AG Mortgage Investment Trust (NYSE:MITT) Stock Price Crosses Above Two Hundred Day Moving Average Following Weak Earnings

Key Points

• AG Mortgage Investment Trust's stock price has surpassed its 200-day moving average following an earnings report that, while better than expected in revenue, missed earnings per share estimates.
• The company has increased its quarterly dividend from $0.20 to $0.21, equating to an annualized yield of 12.0% with a payout ratio of 94.38%.
• Despite the mixed earnings results, analysts offer a consensus rating of “Hold” with varied price targets ranging from $8.00 to $8.75 from different investment firms.

AG Mortgage Investment Trust, Inc. (NYSE:MITT - Get Free Report)'s share price crossed above its 200-day moving average during trading on Friday following a better than expected earnings announcement. The stock has a 200-day moving average of $7.14 and traded as high as $7.48. AG Mortgage Investment Trust shares last traded at $7.00, with a volume of 631,529 shares changing hands.

The real estate investment trust reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.05). 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 net margin of 10.98% and a return on equity of 11.86%.

AG Mortgage Investment Trust Increases Dividend

The firm also recently disclosed 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 dividend yield of 12.0%. This is a positive change from AG Mortgage Investment Trust's previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 30th. AG Mortgage Investment Trust's payout ratio is 94.38%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MITT. Wall Street Zen lowered AG Mortgage Investment Trust from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. UBS Group increased 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 report on Thursday, July 10th. Keefe, Bruyette & Woods boosted 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, Jones Trading reaffirmed a "buy" rating and issued a $8.00 price objective on shares of AG Mortgage Investment Trust in a research report on Friday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $8.44.

Institutional Investors Weigh In On AG Mortgage Investment Trust

A number of institutional investors and hedge funds have recently made changes to their positions in MITT. Janney Montgomery Scott LLC lifted its position in AG Mortgage Investment Trust by 0.8% during the second quarter. Janney Montgomery Scott LLC now owns 168,478 shares of the real estate investment trust's stock valued at $1,272,000 after purchasing an additional 1,350 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of AG Mortgage Investment Trust by 4.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 45,790 shares of the real estate investment trust's stock valued at $305,000 after buying an additional 2,047 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of AG Mortgage Investment Trust by 43.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,421 shares of the real estate investment trust's stock worth $49,000 after acquiring an additional 2,231 shares during the last quarter. Russell Investments Group Ltd. grew its position in AG Mortgage Investment Trust by 98.1% in the fourth quarter. Russell Investments Group Ltd. now owns 5,532 shares of the real estate investment trust's stock worth $37,000 after acquiring an additional 2,739 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in AG Mortgage Investment Trust by 28.9% in the fourth quarter. Wells Fargo & Company MN now owns 17,084 shares of the real estate investment trust's stock valued at $114,000 after acquiring an additional 3,827 shares during the last quarter. Hedge funds and other institutional investors own 27.32% of the company's stock.

AG Mortgage Investment Trust Price Performance

The stock has a 50 day moving average of $7.52 and a 200 day moving average of $7.14. The firm has a market cap of $207.76 million, a P/E ratio of 7.87 and a beta of 1.62.

About AG Mortgage Investment Trust

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.