AG Mortgage Investment Trust (NYSE:MITT) Stock Crosses Above 200 Day Moving Average on Disappointing Earnings

AG Mortgage Investment Trust, Inc. (NYSE:MITT)’s share price passed 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 $7.14 and traded as high as $7.48. AG Mortgage Investment Trust shares last traded at $7.00, with a volume of 631,529 shares changing hands.

The real estate investment trust reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.05). AG Mortgage Investment Trust had a return on equity of 11.86% and a net margin of 10.98%. The business had revenue of $21.30 million for the quarter, compared to the consensus estimate of $21.04 million.

AG Mortgage Investment Trust Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 12.0%. This is a boost from AG Mortgage Investment Trust’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 30th. AG Mortgage Investment Trust’s dividend payout ratio is 94.38%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on MITT shares. Keefe, Bruyette & Woods lifted their price target on AG Mortgage Investment Trust from $8.25 to $8.50 and gave the company a “market perform” rating in a report on Thursday, July 10th. UBS Group raised their price objective on shares of AG Mortgage Investment Trust from $8.00 to $8.75 and gave the company a “buy” rating in a research report on Thursday, July 10th. Jones Trading reiterated a “buy” rating and set a $8.00 target price on shares of AG Mortgage Investment Trust in a research report on Friday. Finally, Wall Street Zen cut shares of AG Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research note on Saturday, July 12th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $8.44.

Hedge Funds Weigh In On AG Mortgage Investment Trust

Several hedge funds have recently added to or reduced their stakes in MITT. Prudential Financial Inc. boosted its stake in shares of AG Mortgage Investment Trust by 509.1% in the 4th quarter. Prudential Financial Inc. now owns 91,047 shares of the real estate investment trust’s stock valued at $605,000 after purchasing an additional 76,100 shares during the last quarter. Raymond James Financial Inc. bought a new position in AG Mortgage Investment Trust in the fourth quarter valued at approximately $751,000. Northern Trust Corp grew its holdings in AG Mortgage Investment Trust by 10.2% during the 4th quarter. Northern Trust Corp now owns 278,109 shares of the real estate investment trust’s stock worth $1,849,000 after acquiring an additional 25,736 shares during the period. D. E. Shaw & Co. Inc. bought a new stake in shares of AG Mortgage Investment Trust during the 4th quarter valued at $70,000. Finally, Price T Rowe Associates Inc. MD raised its position in shares of AG Mortgage Investment Trust by 4.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 45,790 shares of the real estate investment trust’s stock valued at $305,000 after acquiring an additional 2,047 shares during the last quarter. Institutional investors own 27.32% of the company’s stock.

AG Mortgage Investment Trust Trading Down 7.4%

The company has a market cap of $207.76 million, a price-to-earnings ratio of 7.87 and a beta of 1.62. The stock has a 50 day moving average price of $7.52 and a two-hundred day moving average price of $7.14.

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.