AG Mortgage Investment Trust (NYSE:MITT) Price Target Raised to $9.00 at JonesTrading

AG Mortgage Investment Trust (NYSE:MITT) had its price target increased by JonesTrading from $8.50 to $9.00 in a research report released on Tuesday,Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

A number of other research analysts also recently issued reports on the stock. Wall Street Zen upgraded shares of AG Mortgage Investment Trust from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Piper Sandler reissued an “overweight” rating and issued a $10.00 price objective (up previously from $9.00) on shares of AG Mortgage Investment Trust in a research note on Monday, December 22nd. Keefe, Bruyette & Woods increased their target price on AG Mortgage Investment Trust from $8.50 to $9.00 and gave the stock a “market perform” rating in a report on Thursday, December 18th. Credit Suisse Group set a $9.25 price objective on shares of AG Mortgage Investment Trust in a report on Thursday, January 22nd. Finally, Citizens Jmp boosted their target price on shares of AG Mortgage Investment Trust from $8.50 to $9.25 and gave the stock a “market outperform” rating in a research report on Thursday, January 22nd. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, AG Mortgage Investment Trust has an average rating of “Moderate Buy” and an average target price of $9.25.

AG Mortgage Investment Trust Stock Down 0.9%

MITT opened at $8.56 on Tuesday. AG Mortgage Investment Trust has a twelve month low of $5.63 and a twelve month high of $9.27. The company has a fifty day moving average of $8.70 and a 200-day moving average of $7.97. The stock has a market cap of $271.69 million, a PE ratio of 9.20 and a beta of 1.69.

AG Mortgage Investment Trust (NYSE:MITT) last issued its quarterly earnings results on Tuesday, February 17th. The real estate investment trust reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). AG Mortgage Investment Trust had a net margin of 11.03% and a return on equity of 13.88%. The firm had revenue of $22.98 million for the quarter, compared to the consensus estimate of $23.16 million. Sell-side analysts anticipate that AG Mortgage Investment Trust will post 0.78 EPS for the current fiscal year.

AG Mortgage Investment Trust Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Wednesday, December 31st were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.92 annualized dividend and a dividend yield of 10.7%. This is an increase from AG Mortgage Investment Trust’s previous quarterly dividend of $0.21. AG Mortgage Investment Trust’s payout ratio is 98.92%.

Institutional Trading of AG Mortgage Investment Trust

A number of institutional investors and hedge funds have recently modified their holdings of MITT. Angelo Gordon & CO. L.P. grew its stake in AG Mortgage Investment Trust by 703.3% in the 3rd quarter. Angelo Gordon & CO. L.P. now owns 2,315,966 shares of the real estate investment trust’s stock valued at $16,768,000 after purchasing an additional 2,027,676 shares during the period. Penserra Capital Management LLC purchased a new position in shares of AG Mortgage Investment Trust in the 2nd quarter worth about $1,128,000. Prudential Financial Inc. grew its position in AG Mortgage Investment Trust by 30.4% during the second quarter. Prudential Financial Inc. now owns 255,724 shares of the real estate investment trust’s stock valued at $1,931,000 after buying an additional 59,631 shares during the period. LSV Asset Management increased its holdings in AG Mortgage Investment Trust by 23.6% during the second quarter. LSV Asset Management now owns 291,580 shares of the real estate investment trust’s stock worth $2,201,000 after buying an additional 55,635 shares during the last quarter. Finally, Jane Street Group LLC purchased a new stake in AG Mortgage Investment Trust during the fourth quarter worth about $421,000. 27.32% of the stock is owned by hedge funds and other institutional investors.

About AG Mortgage Investment Trust

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).