JonesTrading Has Lowered Expectations for AG Mortgage Investment Trust (NYSE:MITT) Stock Price

Key Points

• JonesTrading cut AG Mortgage Investment Trust’s price target from $9.00 to $8.00 but maintained a “buy” rating, implying roughly 28.5% upside from the prior close.
• MITT shares fell 12.2% to $6.23, near their 52-week low of $5.93. The stock has a consensus “Moderate Buy” rating and an average analyst price target of $8.93.
• The company’s latest quarterly results fell short of expectations, with earnings of $0.24 per share versus $0.27 expected and revenue of $23.39 million versus $25.06 million forecast.

AG Mortgage Investment Trust (NYSE:MITT - Get Free Report) had its price objective lowered by equities research analysts at JonesTrading from $9.00 to $8.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the real estate investment trust's stock. JonesTrading's price target would suggest a potential upside of 28.49% from the stock's previous close.

A number of other research firms have also recently commented on MITT. Weiss Ratings reiterated a "hold (c)" rating on shares of AG Mortgage Investment Trust in a research report on Wednesday, July 15th. Piper Sandler decreased their price target on AG Mortgage Investment Trust from $10.00 to $9.50 and set an "overweight" rating on the stock in a research note on Thursday, July 2nd. BTIG Research raised shares of AG Mortgage Investment Trust from a "neutral" rating to a "buy" rating and set a $9.00 price objective for the company in a research note on Wednesday, June 17th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of AG Mortgage Investment Trust from $9.00 to $8.50 and set a "market perform" rating for the company in a report on Friday, May 1st. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $8.93.

AG Mortgage Investment Trust Stock Down 12.2%

NYSE MITT traded down $0.86 on Monday, hitting $6.23. 996,852 shares of the stock were exchanged, compared to its average volume of 229,669. AG Mortgage Investment Trust has a fifty-two week low of $5.93 and a fifty-two week high of $9.27. The company has a 50-day moving average price of $7.62 and a 200-day moving average price of $7.85. The company has a quick ratio of 10.33, a current ratio of 10.33 and a debt-to-equity ratio of 23.76. The company has a market cap of $198.01 million, a PE ratio of 15.59 and a beta of 1.65.

AG Mortgage Investment Trust (NYSE:MITT - Get Free Report) last posted its earnings results on Monday, August 10th. The real estate investment trust reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.03). AG Mortgage Investment Trust had a return on equity of 15.02% and a net margin of 6.71%.The business had revenue of $23.39 million for the quarter, compared to analysts' expectations of $25.06 million. Sell-side analysts anticipate that AG Mortgage Investment Trust will post 1.09 EPS for the current fiscal year.

Institutional Trading of AG Mortgage Investment Trust

A number of hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets boosted its stake in shares of AG Mortgage Investment Trust by 103.7% in the third quarter. BNP Paribas Financial Markets now owns 5,413 shares of the real estate investment trust's stock valued at $39,000 after purchasing an additional 2,756 shares during the period. Strs Ohio acquired a new position in AG Mortgage Investment Trust in the 1st quarter worth $39,000. Kemnay Advisory Services Inc. purchased a new position in AG Mortgage Investment Trust in the 4th quarter valued at about $40,000. Russell Investments Group Ltd. boosted its position in AG Mortgage Investment Trust by 103.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 7,095 shares of the real estate investment trust's stock valued at $51,000 after buying an additional 3,614 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in shares of AG Mortgage Investment Trust by 258.4% during the third quarter. Public Employees Retirement System of Ohio now owns 8,960 shares of the real estate investment trust's stock worth $65,000 after acquiring an additional 6,460 shares during the last quarter. Hedge funds and other institutional investors own 27.32% of the company's stock.

About AG Mortgage Investment Trust

AG Mortgage Investment Trust, Inc is a publicly traded, closed-end management investment company that primarily focuses on investing in U.S. residential mortgage assets. The firm seeks to generate current income for its shareholders by acquiring a diversified portfolio of mortgage loans and mortgage-backed securities. As an externally managed mortgage real estate investment trust (REIT), AG Mortgage Investment Trust aims to deliver attractive risk-adjusted returns through active portfolio management and interest rate hedging strategies.

The company’s investment portfolio is concentrated in adjustable-rate residential mortgage loans, including so-called “jumbo” prime ARMs, as well as Agency and non-Agency residential mortgage-backed securities (RMBS).

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