AG Mortgage Investment Trust (NYSE:MITT) Stock Price Target Cut by Piper Sandler

Key Points

• Piper Sandler lowered AG Mortgage Investment Trust’s price target from $9.00 to $8.00 while maintaining an “overweight” rating, implying nearly 42% upside from the prior close.
• MITT shares fell 1.0% to $5.63, near the company’s 52-week low of $5.50. The REIT recently reported quarterly EPS of $0.24, below the $0.27 analyst consensus, and revenue also missed estimates.
• Analyst sentiment remains generally positive, with five Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $8.67; institutional investors own 27.32% of the stock.

AG Mortgage Investment Trust (NYSE:MITT - Get Free Report) had its price objective reduced by equities research analysts at Piper Sandler from $9.00 to $8.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an "overweight" rating on the real estate investment trust's stock. Piper Sandler's price objective points to a potential upside of 41.97% from the stock's previous close.

Several other research firms have also weighed in on MITT. Weiss Ratings lowered shares of AG Mortgage Investment Trust from a "hold (c)" rating to a "hold (c-)" rating in a report on Monday, September 14th. JonesTrading cut their price target on AG Mortgage Investment Trust from $9.00 to $8.00 and set a "buy" rating on the stock in a report on Monday, August 10th. Finally, BTIG Research upgraded AG Mortgage Investment Trust from a "neutral" rating to a "buy" rating and set a $9.00 price objective on the stock in a research note on Wednesday, June 17th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $8.67.

AG Mortgage Investment Trust Stock Down 1.0%

Shares of AG Mortgage Investment Trust stock traded down $0.06 during midday trading on Friday, hitting $5.63. The company's stock had a trading volume of 128,004 shares, compared to its average volume of 260,063. The firm has a market capitalization of $179.19 million, a P/E ratio of 7.61 and a beta of 1.74. The stock has a 50-day simple moving average of $6.49 and a 200-day simple moving average of $7.28. AG Mortgage Investment Trust has a 1-year low of $5.50 and a 1-year high of $9.27.

AG Mortgage Investment Trust (NYSE:MITT - Get Free Report) last released its earnings results on Monday, August 10th. The real estate investment trust reported $0.24 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.27 by ($0.03). AG Mortgage Investment Trust had a net margin of 8.55% and a return on equity of 15.59%. The business had revenue of $23.39 million during the quarter, compared to analyst estimates of $26.13 million. As a group, sell-side analysts predict that AG Mortgage Investment Trust will post 1.04 earnings per share for the current year.

Hedge Funds Weigh In On AG Mortgage Investment Trust

A number of hedge funds have recently bought and sold shares of MITT. Renaissance Technologies LLC lifted its position in shares of AG Mortgage Investment Trust by 3.5% during the 1st quarter. Renaissance Technologies LLC now owns 305,996 shares of the real estate investment trust's stock valued at $2,237,000 after buying an additional 10,255 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of AG Mortgage Investment Trust by 4.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 201,153 shares of the real estate investment trust's stock valued at $1,470,000 after buying an additional 7,770 shares in the last quarter. Odyssean LLC lifted its holdings in shares of AG Mortgage Investment Trust by 220.2% in the 2nd quarter. Odyssean LLC now owns 101,269 shares of the real estate investment trust's stock worth $802,000 after acquiring an additional 69,639 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of AG Mortgage Investment Trust by 544.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 85,067 shares of the real estate investment trust's stock valued at $622,000 after acquiring an additional 71,868 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new stake in shares of AG Mortgage Investment Trust in the 1st quarter worth approximately $359,000. 27.32% of the stock is owned by hedge funds and other institutional investors.

About AG Mortgage Investment Trust

AG Mortgage Investment Trust, Inc NYSE: MITT is a real estate investment trust (REIT) that invests primarily in residential mortgage-related assets. Its portfolio may include agency and non-agency mortgage-backed securities, residential mortgage loans, mortgage servicing rights and other investments associated with the U.S. housing and residential credit markets.

The company seeks to generate income and preserve capital through a combination of asset selection, financing and active portfolio management.

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