AG Mortgage Investment Trust, Inc. to Issue Quarterly Dividend of $0.24 (NYSE:MITT)

AG Mortgage Investment Trust, Inc. (NYSE:MITT) announced a quarterly dividend on Tuesday, September 15th. Shareholders of record on Wednesday, September 30th will be given a dividend of 0.24 per share by the real estate investment trust on Friday, October 30th. This represents a c) dividend on an annualized basis and a yield of 15.0%. The ex-dividend date is Wednesday, September 30th.

AG Mortgage Investment Trust has increased its dividend payment by an average of 0.6%per year over the last three years and has raised its dividend annually for the last 2 consecutive years. AG Mortgage Investment Trust has a payout ratio of 88.1% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities research analysts expect AG Mortgage Investment Trust to earn $1.20 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 80.0%.

AG Mortgage Investment Trust Price Performance

NYSE MITT opened at $6.41 on Wednesday. The company has a current ratio of 10.33, a quick ratio of 10.33 and a debt-to-equity ratio of 22.56. AG Mortgage Investment Trust has a 12 month low of $5.93 and a 12 month high of $9.27. The stock has a market cap of $203.68 million, a price-to-earnings ratio of 8.66 and a beta of 1.64. The company’s 50 day moving average is $6.99 and its two-hundred day moving average is $7.50.

AG Mortgage Investment Trust (NYSE:MITT) last posted its quarterly earnings results on Monday, August 10th. The real estate investment trust reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.03). The firm had revenue of $23.39 million during the quarter, compared to the consensus estimate of $26.13 million. AG Mortgage Investment Trust had a return on equity of 15.59% and a net margin of 8.55%. As a group, research analysts anticipate that AG Mortgage Investment Trust will post 1.04 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MITT has been the subject of several recent analyst reports. JonesTrading dropped their target price on shares of 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. Weiss Ratings cut AG Mortgage Investment Trust from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday. Piper Sandler lowered their price objective on AG Mortgage Investment Trust from $10.00 to $9.50 and set an “overweight” rating on the stock in a research report on Thursday, July 2nd. Finally, BTIG Research raised AG Mortgage Investment Trust from a “neutral” rating to a “buy” rating and set a $9.00 price objective for the company in a research note on Wednesday, June 17th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $8.92.

AG Mortgage Investment Trust Company Profile

AG Mortgage Investment Trust, Inc (NYSE:MITT) is a real estate investment trust that invests primarily in residential mortgage-related assets. The company seeks to generate income from a portfolio that may include agency and non-agency residential mortgage-backed securities, residential mortgage loans, mortgage servicing rights and other investments tied to the U.S. housing and mortgage markets.

As a mortgage REIT, AG Mortgage Investment Trust generally finances its investments through borrowings and other capital market transactions.