AG Mortgage Investment Trust (NYSE:MITT) Releases Earnings Results, Hits Estimates

by · The Markets Daily

AG Mortgage Investment Trust (NYSE:MITT – Get Free Report) released its quarterly earnings results on Tuesday. The real estate investment trust reported $0.23 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.23, Zacks reports. AG Mortgage Investment Trust had a return on equity of 13.21% and a net margin of 10.70%.The business had revenue of $19.90 million during the quarter, compared to analyst estimates of $19.80 million.

AG Mortgage Investment Trust Stock Up 7.5%

Shares of MITT traded up $0.54 during midday trading on Tuesday, reaching $7.69. 162,512 shares of the stock were exchanged, compared to its average volume of 211,630. AG Mortgage Investment Trust has a 12-month low of $5.63 and a 12-month high of $7.97. The firm has a 50 day simple moving average of $7.44 and a 200-day simple moving average of $7.33. The company has a market cap of $243.85 million, a price-to-earnings ratio of 8.92 and a beta of 1.68.

AG Mortgage Investment Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 31st. Stockholders of record on Tuesday, September 30th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 10.9%. AG Mortgage Investment Trust’s dividend payout ratio (DPR) is 97.67%.

Insider Buying and Selling at AG Mortgage Investment Trust

In other news, Director Matthew Jozoff purchased 4,000 shares of the business’s stock in a transaction dated Wednesday, August 20th. The stock was bought at an average cost of $7.35 per share, with a total value of $29,400.00. Following the purchase, the director directly owned 79,355 shares of the company’s stock, valued at approximately $583,259.25. This trade represents a 5.31% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. First Trust Advisors LP raised its stake in shares of AG Mortgage Investment Trust by 4.6% in the 2nd quarter. First Trust Advisors LP now owns 95,801 shares of the real estate investment trust’s stock valued at $723,000 after acquiring an additional 4,256 shares in the last quarter. Strs Ohio bought a new position in shares of AG Mortgage Investment Trust in the 1st quarter valued at approximately $39,000. Sei Investments Co. bought a new position in shares of AG Mortgage Investment Trust in the 2nd quarter valued at approximately $79,000. The Manufacturers Life Insurance Company bought a new position in shares of AG Mortgage Investment Trust in the 2nd quarter valued at approximately $79,000. Finally, Cetera Investment Advisers raised its stake in shares of AG Mortgage Investment Trust by 79.0% in the 2nd quarter. Cetera Investment Advisers now owns 28,909 shares of the real estate investment trust’s stock valued at $218,000 after acquiring an additional 12,758 shares in the last quarter. 27.32% of the stock is owned by institutional investors.

Analyst Ratings Changes

MITT has been the subject of a number of recent analyst reports. Piper Sandler set a $8.50 price target on AG Mortgage Investment Trust and gave the company an “overweight” rating in a research report on Monday, August 4th. UBS Group increased their price objective on AG Mortgage Investment Trust from $8.75 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday, September 3rd. Wall Street Zen downgraded AG Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research note on Saturday, July 12th. Keefe, Bruyette & Woods increased their price objective on AG Mortgage Investment Trust from $8.25 to $8.50 and gave the stock a “market perform” rating in a research note on Thursday, July 10th. Finally, Zacks Research raised AG Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 30th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $8.50.

View Our Latest Research Report on MITT

About AG Mortgage Investment Trust

(Get Free Report)

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.

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