AG Mortgage Investment Trust (NYSE:MITT) Price Target Raised to $9.25 at Citizens Jmp

AG Mortgage Investment Trust (NYSE:MITT) had its price target raised by Citizens Jmp from $8.50 to $9.25 in a research note released on Thursday,Benzinga reports. They currently have a market outperform rating on the real estate investment trust’s stock.

MITT has been the topic of a number of other research reports. Jones Trading reaffirmed a “buy” rating and set a $8.50 price target on shares of AG Mortgage Investment Trust in a research report on Tuesday, November 4th. Weiss Ratings restated a “hold (c)” rating on shares of AG Mortgage Investment Trust in a research note on Wednesday, October 8th. Piper Sandler reiterated an “overweight” rating and set a $10.00 target price (up previously from $9.00) on shares of AG Mortgage Investment Trust in a research report on Monday, December 22nd. Citigroup reiterated an “outperform” rating on shares of AG Mortgage Investment Trust in a research note on Thursday. Finally, Credit Suisse Group set a $9.25 price target on shares of AG Mortgage Investment Trust in a research note on Thursday. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, AG Mortgage Investment Trust presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.17.

AG Mortgage Investment Trust Stock Performance

NYSE MITT opened at $8.94 on Thursday. The company has a market capitalization of $283.76 million, a PE ratio of 9.61 and a beta of 1.65. AG Mortgage Investment Trust has a 52-week low of $5.63 and a 52-week high of $9.27. The company has a 50-day simple moving average of $8.49 and a 200 day simple moving average of $7.84.

AG Mortgage Investment Trust (NYSE:MITT) last released its earnings results on Tuesday, November 4th. The real estate investment trust reported $0.23 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.23. The firm had revenue of $30.21 million during the quarter, compared to the consensus estimate of $19.80 million. AG Mortgage Investment Trust had a net margin of 11.03% and a return on equity of 13.88%. As a group, analysts forecast that AG Mortgage Investment Trust will post 0.78 EPS for the current fiscal year.

AG Mortgage Investment Trust Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Wednesday, December 31st will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 10.3%. This is a boost from AG Mortgage Investment Trust’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Wednesday, December 31st. AG Mortgage Investment Trust’s payout ratio is presently 98.92%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MITT. Angelo Gordon & CO. L.P. lifted its stake in shares of 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. Geode Capital Management LLC grew its position in shares of AG Mortgage Investment Trust by 4.0% in the 2nd quarter. Geode Capital Management LLC now owns 686,894 shares of the real estate investment trust’s stock worth $5,187,000 after buying an additional 26,315 shares during the period. LSV Asset Management increased its stake in shares of AG Mortgage Investment Trust by 5.0% in the 3rd quarter. LSV Asset Management now owns 306,280 shares of the real estate investment trust’s stock worth $2,217,000 after acquiring an additional 14,700 shares in the last quarter. Prudential Financial Inc. increased its stake in shares of AG Mortgage Investment Trust by 30.4% in the 2nd quarter. Prudential Financial Inc. now owns 255,724 shares of the real estate investment trust’s stock worth $1,931,000 after acquiring an additional 59,631 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in AG Mortgage Investment Trust by 0.8% during the 2nd quarter. Janney Montgomery Scott LLC now owns 168,478 shares of the real estate investment trust’s stock valued at $1,272,000 after acquiring an additional 1,350 shares during the period. Hedge funds and other institutional investors own 27.32% of the company’s stock.

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).