JonesTrading Cuts AG Mortgage Investment Trust (NYSE:MITT) Price Target to $8.00

AG Mortgage Investment Trust (NYSE:MITT) had its price objective lowered by JonesTrading from $9.00 to $8.00 in a report published on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

Several other equities analysts also recently commented on MITT. Keefe, Bruyette & Woods dropped their price target on shares of AG Mortgage Investment Trust from $9.00 to $8.50 and set a “market perform” rating for the company in a research note on Friday, May 1st. Piper Sandler reduced their price objective on AG Mortgage Investment Trust from $10.00 to $9.50 and set an “overweight” rating on the stock in a research note on Thursday, July 2nd. BTIG Research upgraded AG Mortgage Investment Trust from a “neutral” rating to a “buy” rating and set a $9.00 target price for the company in a report on Wednesday, June 17th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of AG Mortgage Investment Trust in a research note on Wednesday, July 15th. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, AG Mortgage Investment Trust has a consensus rating of “Moderate Buy” and an average price target of $8.93.

AG Mortgage Investment Trust Trading Down 0.6%

NYSE MITT opened at $6.69 on Monday. The company has a debt-to-equity ratio of 23.76, a quick ratio of 10.33 and a current ratio of 10.33. The firm has a market cap of $212.76 million, a price-to-earnings ratio of 9.04 and a beta of 1.65. The firm has a 50 day simple moving average of $7.55 and a 200-day simple moving average of $7.81. AG Mortgage Investment Trust has a one year low of $5.93 and a one year high of $9.27.

AG Mortgage Investment Trust (NYSE:MITT) last announced its earnings results on Monday, August 10th. The real estate investment trust reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.03). The business had revenue of $23.39 million for the quarter, compared to analysts’ expectations of $26.13 million. AG Mortgage Investment Trust had a return on equity of 15.48% and a net margin of 8.55%. Equities research analysts anticipate that AG Mortgage Investment Trust will post 1.04 EPS for the current fiscal year.

AG Mortgage Investment Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Tuesday, June 30th were paid a $0.24 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $0.96 dividend on an annualized basis and a yield of 14.3%. AG Mortgage Investment Trust’s payout ratio is currently 129.73%.

Institutional Investors Weigh In On AG Mortgage Investment Trust

Large investors have recently modified their holdings of the company. Geode Capital Management LLC raised its holdings in shares of AG Mortgage Investment Trust by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 710,876 shares of the real estate investment trust’s stock valued at $6,059,000 after purchasing an additional 11,707 shares in the last quarter. State Street Corp grew its stake in shares of AG Mortgage Investment Trust by 2.2% during the fourth quarter. State Street Corp now owns 576,088 shares of the real estate investment trust’s stock worth $5,038,000 after purchasing an additional 12,581 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of AG Mortgage Investment Trust by 3.5% during the first quarter. Renaissance Technologies LLC now owns 305,996 shares of the real estate investment trust’s stock worth $2,237,000 after purchasing an additional 10,255 shares in the last quarter. Millennium Management LLC purchased a new position in AG Mortgage Investment Trust in the fourth quarter valued at $2,002,000. Finally, Janney Montgomery Scott LLC increased its holdings in AG Mortgage Investment Trust by 4.0% in the first quarter. Janney Montgomery Scott LLC now owns 201,153 shares of the real estate investment trust’s stock valued at $1,470,000 after buying an additional 7,770 shares during the last quarter. 27.32% of the stock is owned by hedge funds and other institutional investors.

AG Mortgage Investment Trust Company Profile

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).