AG Mortgage Investment Trust (NYSE:MITT) Share Price Crosses Above Two Hundred Day Moving Average on Disappointing Earnings

AG Mortgage Investment Trust, Inc. (NYSE:MITT)’s share price crossed above its 200-day moving average during trading on Friday following a better than expected earnings announcement. The stock has a 200-day moving average of $6.43 and traded as high as $7.27. AG Mortgage Investment Trust shares last traded at $6.91, with a volume of 596,229 shares traded.

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

AG Mortgage Investment Trust Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 11.01%. This is a positive change from AG Mortgage Investment Trust’s previous quarterly dividend of $0.18. The ex-dividend date was Friday, June 28th. AG Mortgage Investment Trust’s dividend payout ratio (DPR) is 43.68%.

Analysts Set New Price Targets

Several research firms have issued reports on MITT. Piper Sandler started coverage on AG Mortgage Investment Trust in a research note on Friday, July 26th. They set an “overweight” rating and a $9.00 target price for the company. Jonestrading reissued a “buy” rating and set a $8.00 target price on shares of AG Mortgage Investment Trust in a research note on Friday, May 3rd. JMP Securities lifted 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. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $7.50 target price on shares of AG Mortgage Investment Trust in a report on Monday, June 17th. Finally, StockNews.com upgraded AG Mortgage Investment Trust from a “hold” rating to a “buy” rating in a report on Monday, May 6th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $8.00.

Institutional Investors Weigh In On AG Mortgage Investment Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MITT. Transcend Capital Advisors LLC boosted its stake in AG Mortgage Investment Trust by 12.6% during the 2nd quarter. Transcend Capital Advisors LLC now owns 22,300 shares of the real estate investment trust’s stock valued at $148,000 after acquiring an additional 2,500 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in AG Mortgage Investment Trust by 37.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 10,069 shares of the real estate investment trust’s stock worth $64,000 after purchasing an additional 2,718 shares in the last quarter. Naviter Wealth LLC increased its holdings in AG Mortgage Investment Trust by 30.9% in the first quarter. Naviter Wealth LLC now owns 16,947 shares of the real estate investment trust’s stock valued at $107,000 after buying an additional 4,000 shares during the last quarter. Allworth Financial LP acquired a new stake in AG Mortgage Investment Trust during the fourth quarter valued at approximately $87,000. Finally, Napa Wealth Management acquired a new stake in shares of AG Mortgage Investment Trust during the 4th quarter valued at approximately $96,000. Hedge funds and other institutional investors own 27.32% of the company’s stock.

AG Mortgage Investment Trust Price Performance

The stock’s fifty day simple moving average is $7.00 and its two-hundred day simple moving average is $6.43. The company has a market capitalization of $203.34 million, a price-to-earnings ratio of 3.97 and a beta of 2.06.

About AG Mortgage Investment Trust

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.