Short Interest in AG Mortgage Investment Trust, Inc. (NYSE:MITT) Rises By 25.7%

Key Points

• Short interest jumped 25.7% in March to 475,045 shares (about 1.5% of shares sold short) with a days-to-cover ratio of 1.5 days.
• AG Mortgage raised its quarterly dividend to $0.24 (annualized $0.96) for a 12.3% yield and a payout ratio of 109.09% (ex-dividend March 31, payable April 30).
• Analysts have a consensus rating of Moderate Buy with an average target of $9.25 (five Buy, three Hold); the stock was trading around $7.80, implying potential upside to the consensus target.

AG Mortgage Investment Trust, Inc. (NYSE:MITT - Get Free Report) saw a large growth in short interest in the month of March. As of March 31st, there was short interest totaling 475,045 shares, a growth of 25.7% from the March 15th total of 377,944 shares. Currently, 1.5% of the shares of the company are sold short. Based on an average trading volume of 311,395 shares, the days-to-cover ratio is presently 1.5 days.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Citigroup reiterated an "outperform" rating on shares of AG Mortgage Investment Trust in a research note on Thursday, January 22nd. Piper Sandler reiterated an "overweight" rating and set a $10.00 price target (up from $9.00) on shares of AG Mortgage Investment Trust in a research note on Monday, December 22nd. Citizens Jmp increased their price target on AG Mortgage Investment Trust from $8.50 to $9.25 and gave the stock a "market outperform" rating in a research note on Thursday, January 22nd. JonesTrading increased their price objective on AG Mortgage Investment Trust from $8.50 to $9.00 and gave the stock a "buy" rating in a report on Tuesday, February 17th. Finally, Credit Suisse Group set a $9.25 price objective on AG Mortgage Investment Trust in a report on Thursday, January 22nd. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, AG Mortgage Investment Trust currently has a consensus rating of "Moderate Buy" and an average target price of $9.25.

AG Mortgage Investment Trust Trading Down 1.3%

MITT traded down $0.11 on Thursday, hitting $7.80. 70,858 shares of the company were exchanged, compared to its average volume of 263,862. The firm has a fifty day simple moving average of $7.89 and a two-hundred day simple moving average of $8.03. The company has a debt-to-equity ratio of 21.38, a quick ratio of 10.33 and a current ratio of 10.33. AG Mortgage Investment Trust has a 12 month low of $6.03 and a 12 month high of $9.27. The stock has a market capitalization of $247.37 million, a PE ratio of 8.86 and a beta of 1.69.

AG Mortgage Investment Trust (NYSE:MITT - Get Free Report) last posted its quarterly earnings results on Tuesday, February 17th. The real estate investment trust reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.01). AG Mortgage Investment Trust had a return on equity of 14.42% and a net margin of 10.13%.The company had revenue of $23.86 million for the quarter, compared to the consensus estimate of $23.16 million. Sell-side analysts expect that AG Mortgage Investment Trust will post 0.78 earnings per share for the current year.

AG Mortgage Investment Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be given a $0.24 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 12.3%. This is an increase from AG Mortgage Investment Trust's previous quarterly dividend of $0.23. AG Mortgage Investment Trust's dividend payout ratio is 109.09%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC raised its stake in AG Mortgage Investment Trust by 173.6% during the third quarter. CWM LLC now owns 5,437 shares of the real estate investment trust's stock valued at $39,000 after buying an additional 3,450 shares during the last quarter. Strs Ohio purchased a new position in shares of AG Mortgage Investment Trust in the first quarter worth $39,000. BNP Paribas Financial Markets raised 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 worth $39,000 after purchasing an additional 2,756 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new position in shares of AG Mortgage Investment Trust in the fourth quarter worth $40,000. Finally, Russell Investments Group Ltd. grew its holdings in shares of AG Mortgage Investment Trust by 103.8% in the third quarter. Russell Investments Group Ltd. now owns 7,095 shares of the real estate investment trust's stock worth $51,000 after acquiring an additional 3,614 shares during the period. 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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