AG Mortgage Investment Trust, Inc. (NYSE:MITT) Raises Dividend to $0.18 Per Share

AG Mortgage Investment Trust, Inc. (NYSE:MITT) declared a quarterly dividend on Friday, March 15th, Zacks reports. Stockholders of record on Friday, March 29th will be paid a dividend of 0.18 per share by the real estate investment trust on Tuesday, April 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 11.69%. The ex-dividend date is Wednesday, March 27th. This is a positive change from AG Mortgage Investment Trust’s previous quarterly dividend of $0.05.

AG Mortgage Investment Trust has increased its dividend payment by an average of 99.9% per year over the last three years. AG Mortgage Investment Trust has a dividend payout ratio of 26.0% meaning its dividend is sufficiently covered by earnings.

AG Mortgage Investment Trust Stock Performance

Shares of NYSE:MITT remained flat at $6.16 during trading on Tuesday. The stock had a trading volume of 38,369 shares, compared to its average volume of 213,480. AG Mortgage Investment Trust has a fifty-two week low of $4.82 and a fifty-two week high of $6.89. The firm has a 50 day simple moving average of $6.11 and a 200-day simple moving average of $5.81. The firm has a market cap of $181.41 million, a P/E ratio of 3.92 and a beta of 1.98.

Wall Street Analysts Forecast Growth

MITT has been the topic of a number of recent research reports. Keefe, Bruyette & Woods lifted their price objective on shares of AG Mortgage Investment Trust from $6.75 to $7.00 and gave the company a “market perform” rating in a report on Thursday, February 29th. UBS Group assumed coverage on shares of AG Mortgage Investment Trust in a research note on Wednesday, December 6th. They set a “buy” rating and a $7.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, AG Mortgage Investment Trust presently has a consensus rating of “Moderate Buy” and an average price target of $7.25.

Insiders Place Their Bets

In other news, CEO Thomas Durkin bought 50,000 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were purchased at an average cost of $6.12 per share, with a total value of $306,000.00. Following the acquisition, the chief executive officer now directly owns 372,832 shares in the company, valued at $2,281,731.84. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 3.20% of the company’s stock.

Institutional Trading of AG Mortgage Investment Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC grew its holdings in AG Mortgage Investment Trust by 175.1% during the 1st quarter. FMR LLC now owns 6,633 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 4,222 shares during the last quarter. Engineers Gate Manager LP bought a new stake in AG Mortgage Investment Trust during the 3rd quarter valued at $43,000. JPMorgan Chase & Co. raised its position in AG Mortgage Investment Trust by 392,600.0% in the 1st quarter. JPMorgan Chase & Co. now owns 7,854 shares of the real estate investment trust’s stock valued at $45,000 after buying an additional 7,852 shares during the last quarter. CI Private Wealth LLC bought a new position in shares of AG Mortgage Investment Trust during the 4th quarter worth approximately $74,000. Finally, Jane Street Group LLC raised its stake in shares of AG Mortgage Investment Trust by 25.6% during the 1st quarter. Jane Street Group LLC now owns 13,091 shares of the real estate investment trust’s stock worth $75,000 after purchasing an additional 2,665 shares during the period. 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.