AG Mortgage Investment Trust (NYSE:MITT) Given a $8.50 Price Target at Piper Sandler

Key Points

• Piper Sandler has lowered the price target for AG Mortgage Investment Trust (NYSE:MITT) from $9.00 to $8.50, indicating a potential upside of 20.14% from its previous close.
• AG Mortgage Investment Trust reported a quarterly earnings per share (EPS) of $0.18, missing analysts' consensus estimate of $0.23.
• The stock currently holds an average rating of "Moderate Buy" with an average target price of $8.45, as variability in ratings has been observed from several analysts.

Piper Sandler set a $8.50 target price on AG Mortgage Investment Trust (NYSE:MITT - Free Report) in a report published on Monday, MarketBeat Ratings reports. The brokerage currently has an overweight rating on the real estate investment trust's stock.

MITT has been the topic of a number of other reports. Jones Trading restated a "buy" rating and set a $8.00 target price on shares of AG Mortgage Investment Trust in a research report on Friday, August 1st. Keefe, Bruyette & Woods increased their price target on AG Mortgage Investment Trust from $8.25 to $8.50 and gave the company a "market perform" rating in a research note on Thursday, July 10th. UBS Group upped their target price on 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. Finally, Wall Street Zen lowered AG Mortgage Investment Trust from a "hold" rating to a "sell" rating in a report on Saturday, July 12th. One investment 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, AG Mortgage Investment Trust presently has an average rating of "Moderate Buy" and an average price target of $8.45.

AG Mortgage Investment Trust Stock Up 1.3%

Shares of NYSE MITT traded up $0.10 during mid-day trading on Monday, hitting $7.35. 110,606 shares of the company were exchanged, compared to its average volume of 226,644. The stock has a 50 day simple moving average of $7.53 and a 200-day simple moving average of $7.15. The firm has a market cap of $218.00 million, a price-to-earnings ratio of 8.54 and a beta of 1.62. AG Mortgage Investment Trust has a 1-year low of $5.63 and a 1-year high of $7.95.

AG Mortgage Investment Trust (NYSE:MITT - Get Free Report) last released its earnings results on Friday, August 1st. The real estate investment trust reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.23 by ($0.05). The firm had revenue of $21.30 million for the quarter, compared to the consensus estimate of $21.04 million. AG Mortgage Investment Trust had a return on equity of 13.15% and a net margin of 10.70%. Analysts anticipate that AG Mortgage Investment Trust will post 0.78 earnings per share for the current fiscal year.

AG Mortgage Investment Trust Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 11.4%. 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 dividend payout ratio is 97.67%.

Hedge Funds Weigh In On AG Mortgage Investment Trust

A number of hedge funds and other institutional investors have recently made changes to their positions in MITT. Russell Investments Group Ltd. lifted its position in AG Mortgage Investment Trust by 98.1% during the fourth quarter. Russell Investments Group Ltd. now owns 5,532 shares of the real estate investment trust's stock worth $37,000 after buying an additional 2,739 shares during the period. Strs Ohio acquired a new stake in shares of AG Mortgage Investment Trust in the first quarter valued at approximately $39,000. Quarry LP grew its holdings in AG Mortgage Investment Trust by 158.9% during the fourth quarter. Quarry LP now owns 6,377 shares of the real estate investment trust's stock worth $42,000 after acquiring an additional 3,914 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of AG Mortgage Investment Trust by 43.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,421 shares of the real estate investment trust's stock valued at $49,000 after acquiring an additional 2,231 shares during the period. Finally, LPL Financial LLC purchased a new position in shares of AG Mortgage Investment Trust during the 4th quarter valued at $70,000. Hedge funds and other institutional investors own 27.32% of the company's stock.

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.