AG Mortgage Investment Trust Inc. [NYSE: MITT] plunged by -$0.04 during the normal trading session on Thursday and reaching a high of $2.88 during the day while it closed the day at $2.81. The company report on September 14, 2020 that AG Mortgage Investment Trust, Inc. Announces Final Results of the Preferred Stock Exchange Offer.
AG Mortgage Investment Trust, Inc. (NYSE: MITT) (“MITT” or the “Company”) today announced the final results of its previously announced offer (the “Exchange Offer”) to exchange up to 6,818,350 newly issued shares of the Company’s common stock, par value $0.01 (the “Common Stock”) for up to 250,470 shares of its 8.25% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (CUSIP: 001228204) (the “Series A Preferred”), up to 556,600 shares of its 8.00% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share (CUSIP: 001228303) (the “Series B Preferred”), and up to 556,600 shares of its 8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (CUSIP: 001228402) (the “Series C Preferred”).
The Exchange Offer expired at 11:59 P.M., New York City time, on September 11, 2020. Based on the final count provided by the Exchange Agent, American Stock Transfer & Trust Company, LLC, a total of 42,820 shares of Series A Preferred, 31,085 Series B Preferred and 29,355 Series C Preferred were validly tendered and not properly withdrawn prior to the expiration of the Exchange Offer. The Company has accepted all such 103,260 validly tendered shares, and is issuing in exchange a total of 516,300 shares of Common Stock in reliance upon the exemption from registration provided under Section 3(a)(9) of the Securities Act of 1933, as amended. After settlement, which is expected to be made on September 15, 2020, the Company will have outstanding 34,750,901 shares of Common Stock, 2,027,180 shares of Series A Preferred, 4,568,915 shares of Series B Preferred and 4,570,645 shares of Series C Preferred.
AG Mortgage Investment Trust Inc. stock has also loss -2.43% of its value over the past 7 days. However, MITT stock has declined by -11.36% in the 3 months of the year. Over the past six months meanwhile, it has lost -18.31% and lost -81.78% year-on date.
The market cap for MITT stock reached $95.54 million, with 36.12 million shares outstanding and 33.55 million shares in the current float. Compared to the average trading volume of 1.48M shares, MITT reached a trading volume of 1174186 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about AG Mortgage Investment Trust Inc. [MITT]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MITT shares is $2.13 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MITT stock is a recommendation set at 4.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Credit Suisse have made an estimate for AG Mortgage Investment Trust Inc. shares, keeping their opinion on the stock as Underperform, with their previous recommendation back on May 26, 2020. The new note on the price target was released on November 07, 2016, representing the official price target for AG Mortgage Investment Trust Inc. stock. Previously, the target price had yet another raise from $15.50 to $17, while Wunderlich kept a Hold rating on MITT stock. On March 10, 2016, analysts decreased their price target for MITT shares from 17.50 to 17.
The Average True Range (ATR) for AG Mortgage Investment Trust Inc. is set at 0.13, with the Price to Sales ratio for MITT stock in the period of the last 12 months amounting to 0.67. The Price to Book ratio for the last quarter was 0.99, with the Price to Cash per share for the same quarter was set at 2.01.
MITT stock trade performance evaluation
AG Mortgage Investment Trust Inc. [MITT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.43. With this latest performance, MITT shares gained by 4.46% in over the last four-week period, additionally sinking by -18.31% over the last 6 months – not to mention a drop of -80.92% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MITT stock in for the last two-week period is set at 47.33, with the RSI for the last a single of trading hit 48.36, and the three-weeks RSI is set at 48.00 for AG Mortgage Investment Trust Inc. [MITT]. The present Moving Average for the last 50 days of trading for this stock 2.82, while it was recorded at 2.87 for the last single week of trading, and 6.56 for the last 200 days.
AG Mortgage Investment Trust Inc. [MITT]: An insightful look at the core fundamentals
Operating Margin for any stock indicates how profitable investing would be, and AG Mortgage Investment Trust Inc. [MITT] shares currently have an operating margin of +74.51 and a Gross Margin at +92.23. AG Mortgage Investment Trust Inc.’s Net Margin is presently recorded at +66.08.
Return on Total Capital for MITT is now 2.81, given the latest momentum, and Return on Invested Capital for the company is 9.86. Return on Equity for this stock inclined to 12.93, with Return on Assets sitting at 2.47. When it comes to the capital structure of this company, AG Mortgage Investment Trust Inc. [MITT] has a Total Debt to Total Equity ratio set at 407.26. Additionally, MITT Total Debt to Total Capital is recorded at 80.29, with Total Debt to Total Assets ending up at 79.53. Long-Term Debt to Equity for the company is recorded at 29.19, with the Long-Term Debt to Total Capital now at 3.91.
Receivables Turnover for the company is 10.30 with a Total Asset Turnover recorded at a value of 0.04.
Earnings per share (EPS) analysis for AG Mortgage Investment Trust Inc. [MITT] stock
With the latest financial reports released by the company, AG Mortgage Investment Trust Inc. posted 0.4/share EPS, while the average EPS was predicted by analysts to be reported at 0.43/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -7.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MITT. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for AG Mortgage Investment Trust Inc. go to -6.01%.
AG Mortgage Investment Trust Inc. [MITT]: Insider Ownership positions
There are presently around $35 million, or 38.30% of MITT stock, in the hands of institutional investors. The top three institutional holders of MITT stocks are: VANGUARD GROUP INC with ownership of 2,329,854, which is approximately -27.877% of the company’s market cap and around 2.00% of the total institutional ownership; LSV ASSET MANAGEMENT, holding 779,827 shares of the stock with an approximate value of $2.19 million in MITT stocks shares; and ARROWSTREET CAPITAL, LIMITED PARTNERSHIP, currently with $2.1 million in MITT stock with ownership of nearly 290.245% of the company’s market capitalization.
Positions in AG Mortgage Investment Trust Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 47 institutional holders increased their position in AG Mortgage Investment Trust Inc. [NYSE:MITT] by around 5,017,482 shares. Additionally, 73 investors decreased positions by around 11,628,547 shares, while 8 investors held positions by with 4,222,289 shares. The mentioned changes placed institutional holdings at 12,423,740 shares, according to the latest SEC report filing. MITT stock had 26 new institutional investments in for a total of 2,069,266 shares, while 47 institutional investors sold positions of 3,542,321 shares during the same period.