AG Mortgage Investment Trust (NYSE:MITT) Stock Gets Price Target Reduction from Piper Sandler

AG Mortgage Investment Trust (NYSE:MITT) had its price objective decreased by Piper Sandler from $9.00 to $8.00 in a report issued on Friday,Benzinga reports. Piper Sandler currently has an overweight rating on the real estate investment trust’s stock.

MITT has been the topic of several other reports. Weiss Ratings cut shares of AG Mortgage Investment Trust from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, September 14th. BTIG Research upgraded AG Mortgage Investment Trust from a “neutral” rating to a “buy” rating and set a $9.00 price objective for the company in a report on Wednesday, June 17th. Finally, JonesTrading cut their price objective on AG Mortgage Investment Trust from $9.00 to $8.00 and set a “buy” rating for the company in a report on Monday, August 10th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $8.67.

AG Mortgage Investment Trust Stock Performance

Shares of MITT opened at $5.63 on Friday. The company has a market capitalization of $179.19 million, a PE ratio of 7.61 and a beta of 1.74. The company’s 50 day moving average price is $6.46 and its 200 day moving average price is $7.27. AG Mortgage Investment Trust has a 52 week low of $5.50 and a 52 week high of $9.27.

AG Mortgage Investment Trust (NYSE:MITT) last released its earnings results on Monday, August 10th. The real estate investment trust reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.03). AG Mortgage Investment Trust had a return on equity of 15.59% and a net margin of 8.55%. The company had revenue of $23.39 million during the quarter, compared to analysts’ expectations of $26.13 million. On average, equities analysts forecast that AG Mortgage Investment Trust will post 1.04 earnings per share for the current fiscal year.

AG Mortgage Investment Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 17.0%. The ex-dividend date is Wednesday, September 30th. AG Mortgage Investment Trust’s payout ratio is currently 129.73%.

Institutional Investors Weigh In On AG Mortgage Investment Trust

Large investors have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership increased its holdings in AG Mortgage Investment Trust by 544.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 85,067 shares of the real estate investment trust’s stock worth $622,000 after buying an additional 71,868 shares during the last quarter. NewEdge Advisors LLC lifted its stake in AG Mortgage Investment Trust by 31.5% in the second quarter. NewEdge Advisors LLC now owns 26,869 shares of the real estate investment trust’s stock valued at $213,000 after acquiring an additional 6,444 shares during the last quarter. Bank of America Corp DE lifted its stake in AG Mortgage Investment Trust by 23.0% in the first quarter. Bank of America Corp DE now owns 42,541 shares of the real estate investment trust’s stock valued at $311,000 after acquiring an additional 7,968 shares during the last quarter. Odyssean LLC lifted its stake in AG Mortgage Investment Trust by 220.2% in the second quarter. Odyssean LLC now owns 101,269 shares of the real estate investment trust’s stock valued at $802,000 after acquiring an additional 69,639 shares during the last quarter. Finally, Cetera Investment Advisers lifted its stake in AG Mortgage Investment Trust by 13.7% in the first quarter. Cetera Investment Advisers now owns 35,565 shares of the real estate investment trust’s stock valued at $260,000 after acquiring an additional 4,279 shares during the last quarter. Institutional investors own 27.32% of the company’s stock.

About AG Mortgage Investment Trust

AG Mortgage Investment Trust, Inc (NYSE:MITT) is a real estate investment trust (REIT) that invests primarily in residential mortgage-related assets. Its portfolio may include agency and non-agency mortgage-backed securities, residential mortgage loans, mortgage servicing rights and other investments associated with the U.S. housing and residential credit markets.

The company seeks to generate income and preserve capital through a combination of asset selection, financing and active portfolio management.