Piper Sandler Has Lowered Expectations for AG Mortgage Investment Trust (NYSE:MITT) Stock Price

AG Mortgage Investment Trust (NYSE:MITT) had its target price cut by stock analysts at Piper Sandler from $10.00 to $9.50 in a report released on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the real estate investment trust’s stock. Piper Sandler’s target price would suggest a potential upside of 21.14% from the stock’s current price.

A number of other brokerages have also weighed in on MITT. Keefe, Bruyette & Woods lowered their target price on 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. Weiss Ratings reiterated a “hold (c)” rating on shares of AG Mortgage Investment Trust in a research report on Friday, April 17th. Finally, BTIG Research raised shares of AG Mortgage Investment Trust from a “neutral” rating to a “buy” rating and set a $9.00 price objective on the stock in a report on Wednesday, June 17th. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.07.

AG Mortgage Investment Trust Trading Down 1.0%

MITT stock opened at $7.84 on Thursday. The business has a fifty day moving average price of $7.82 and a 200 day moving average price of $8.11. AG Mortgage Investment Trust has a fifty-two week low of $6.86 and a fifty-two week high of $9.27. The stock has a market capitalization of $249.38 million, a price-to-earnings ratio of 19.61 and a beta of 1.62. The company has a debt-to-equity ratio of 23.76, a current ratio of 10.33 and a quick ratio of 10.33.

AG Mortgage Investment Trust (NYSE:MITT) last issued its quarterly earnings data on Wednesday, April 29th. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.01. The firm had revenue of $6.47 million during the quarter, compared to the consensus estimate of $21.97 million. AG Mortgage Investment Trust had a return on equity of 15.02% and a net margin of 6.71%. Analysts expect that AG Mortgage Investment Trust will post 1.09 EPS for the current fiscal year.

Institutional Investors Weigh In On AG Mortgage Investment Trust

Several hedge funds and other institutional investors have recently made changes to their positions in MITT. Strs Ohio acquired a new position in shares of AG Mortgage Investment Trust during the first quarter valued at $39,000. Geode Capital Management LLC increased its position in AG Mortgage Investment Trust by 4.0% in the second quarter. Geode Capital Management LLC now owns 686,894 shares of the real estate investment trust’s stock worth $5,187,000 after purchasing an additional 26,315 shares during the period. Cetera Investment Advisers increased its position in AG Mortgage Investment Trust by 79.0% in the second quarter. Cetera Investment Advisers now owns 28,909 shares of the real estate investment trust’s stock worth $218,000 after purchasing an additional 12,758 shares during the period. First Trust Advisors LP increased its position in AG Mortgage Investment Trust by 4.6% in the second quarter. First Trust Advisors LP now owns 95,801 shares of the real estate investment trust’s stock worth $723,000 after purchasing an additional 4,256 shares during the period. Finally, Sei Investments Co. bought a new stake in AG Mortgage Investment Trust during the 2nd quarter worth about $79,000. 27.32% of the stock is owned by institutional investors and hedge funds.

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).