AG Mortgage Investment Trust, Inc. Plans Quarterly Dividend of $0.24 (NYSE:MITT)

Key Points

• AG Mortgage Investment Trust declared a quarterly dividend of $0.24 per share, payable October 30 to shareholders of record on September 30. The dividend implies a 15.0% annualized yield and a $0.96 annual payout.
• The dividend appears covered by earnings, with a current payout ratio of 88.1% and an expected future ratio of 80.0%; however, the company recently missed quarterly earnings expectations, reporting $0.24 EPS versus the $0.27 consensus.
• MITT shares opened at $6.41, near the lower end of their 52-week range of $5.93 to $9.27. Institutional investors own 27.32% of the company, while several major investors recently increased their positions.

AG Mortgage Investment Trust, Inc. (NYSE:MITT - Get Free Report) announced a quarterly dividend on Tuesday, September 15th. Stockholders of record on Wednesday, September 30th will be given a dividend of 0.24 per share by the real estate investment trust on Friday, October 30th. This represents a c) dividend on an annualized basis and a dividend yield of 15.0%. The ex-dividend date is Wednesday, September 30th.

AG Mortgage Investment Trust has increased its dividend by an average of 0.6%annually over the last three years and has increased its dividend every year for the last 2 years. AG Mortgage Investment Trust has a payout ratio of 88.1% indicating that its dividend is currently covered by earnings, but may not be in the future if the company's earnings tumble. Analysts expect AG Mortgage Investment Trust to earn $1.20 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 80.0%.

AG Mortgage Investment Trust Stock Performance

NYSE:MITT opened at $6.41 on Wednesday. The company has a debt-to-equity ratio of 22.56, a quick ratio of 10.33 and a current ratio of 10.33. AG Mortgage Investment Trust has a fifty-two week low of $5.93 and a fifty-two week high of $9.27. The firm has a market cap of $203.68 million, a PE ratio of 8.66 and a beta of 1.64. The business has a 50 day moving average price of $6.99 and a 200-day moving average price of $7.50.

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

Institutional Trading of AG Mortgage Investment Trust

Several large investors have recently added to or reduced their stakes in MITT. NewEdge Advisors LLC increased its position in AG Mortgage Investment Trust by 31.5% during the 2nd quarter. NewEdge Advisors LLC now owns 26,869 shares of the real estate investment trust's stock valued at $213,000 after purchasing an additional 6,444 shares during the period. Odyssean LLC raised its holdings in 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 purchasing an additional 69,639 shares in the last quarter. Bank of America Corp DE lifted its position in shares of AG Mortgage Investment Trust by 23.0% in the 1st quarter. Bank of America Corp DE now owns 42,541 shares of the real estate investment trust's stock worth $311,000 after purchasing an additional 7,968 shares during the period. Renaissance Technologies LLC lifted its position in shares of AG Mortgage Investment Trust by 3.5% in the 1st quarter. Renaissance Technologies LLC now owns 305,996 shares of the real estate investment trust's stock worth $2,237,000 after purchasing an additional 10,255 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its position 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 worth $622,000 after purchasing an additional 71,868 shares during the period. Institutional investors own 27.32% of the company's stock.

AG Mortgage Investment Trust Company Profile

AG Mortgage Investment Trust, Inc NYSE: MITT is a real estate investment trust that invests primarily in residential mortgage-related assets. The company seeks to generate income from a portfolio that may include agency and non-agency residential mortgage-backed securities, residential mortgage loans, mortgage servicing rights and other investments tied to the U.S. housing and mortgage markets.

As a mortgage REIT, AG Mortgage Investment Trust generally finances its investments through borrowings and other capital market transactions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.