AG Mortgage Investment Trust (NYSE:MITT) Stock Price Passes Above 200 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 passed above its two hundred day moving average during trading on Friday following a better than expected earnings announcement. The stock has a two hundred 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 analysts' consensus estimates of $0.23 by ($0.05). The business 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 10.70% and a return on equity of 13.15%.

AG Mortgage Investment Trust Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were issued a $0.21 dividend. This is a boost from AG Mortgage Investment Trust's previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 12.0%. The ex-dividend date of this dividend was Monday, June 30th. AG Mortgage Investment Trust's dividend payout ratio is currently 97.67%.

Analysts Set New Price Targets

Several analysts have weighed in on MITT shares. Jones Trading reiterated a "buy" rating and set a $8.00 target price on shares of AG Mortgage Investment Trust in a research note on Friday. UBS Group upped 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 research report on Thursday, July 10th. Wall Street Zen lowered shares of AG Mortgage Investment Trust from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. Keefe, Bruyette & Woods upped 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 research report on Thursday, July 10th. Finally, Piper Sandler lowered their price target 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. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $8.45.

Institutional Investors Weigh In On AG Mortgage Investment Trust

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Janney Montgomery Scott LLC lifted its stake 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 buying an additional 1,350 shares in the last quarter. Voya Investment Management LLC lifted its stake in AG Mortgage Investment Trust by 151.6% during the first quarter. Voya Investment Management LLC now owns 104,346 shares of the real estate investment trust's stock valued at $762,000 after buying an additional 62,873 shares in the last quarter. Strs Ohio purchased a new stake in AG Mortgage Investment Trust during the first quarter valued at about $39,000. Acadian Asset Management LLC lifted its stake in AG Mortgage Investment Trust by 65.7% during the first quarter. Acadian Asset Management LLC now owns 286,304 shares of the real estate investment trust's stock valued at $2,089,000 after buying an additional 113,564 shares in the last quarter. Finally, Ieq Capital LLC acquired a new position in shares of AG Mortgage Investment Trust in the 1st quarter valued at about $927,000. 27.32% of the stock is owned by institutional investors and hedge funds.

AG Mortgage Investment Trust Trading Down 0.5%

The business has a fifty day moving average price of $7.52 and a two-hundred day moving average price of $7.15. The company has a market cap of $207.61 million, a price-to-earnings ratio of 8.13 and a beta of 1.62.

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.