AG Mortgage Investment Trust (NYSE:MITT) Posts Earnings Results

AG Mortgage Investment Trust (NYSE:MITT) announced its earnings results on Friday. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.01), Zacks reports. AG Mortgage Investment Trust had a net margin of 20.84% and a return on equity of 10.05%. The business had revenue of $99.82 million during the quarter, compared to analyst estimates of $17.00 million. During the same period in the previous year, the company earned $0.08 earnings per share.

AG Mortgage Investment Trust Trading Down 9.2 %

MITT traded down $0.70 during trading on Friday, reaching $6.90. 596,340 shares of the company were exchanged, compared to its average volume of 231,181. The stock has a market cap of $203.34 million, a P/E ratio of 3.97 and a beta of 2.06. The firm has a 50 day moving average of $7.00 and a 200 day moving average of $6.43. AG Mortgage Investment Trust has a 52 week low of $4.82 and a 52 week high of $7.86.

AG Mortgage Investment Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, June 28th were paid a dividend of $0.19 per share. This is an increase from AG Mortgage Investment Trust’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a yield of 11.01%. The ex-dividend date of this dividend was Friday, June 28th. AG Mortgage Investment Trust’s dividend payout ratio is presently 43.68%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MITT. JMP Securities upped their target price on AG Mortgage Investment Trust from $7.50 to $8.50 and gave the company a “market outperform” rating in a research report on Friday, July 19th. Jonestrading reissued a “buy” rating and set a $8.00 price target on shares of AG Mortgage Investment Trust in a research report on Friday, May 3rd. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $7.50 price target on shares of AG Mortgage Investment Trust in a research report on Monday, June 17th. StockNews.com raised AG Mortgage Investment Trust from a “hold” rating to a “buy” rating in a research report on Monday, May 6th. Finally, Piper Sandler initiated coverage on AG Mortgage Investment Trust in a research report on Friday, July 26th. They set an “overweight” rating and a $9.00 price target on the stock. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.00.

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.