Why Did JMP Securities Upgrade AG Mortgage’s Stock?

In a report released today, Trevor Cranston from JMP Securities upgraded AG Mortgage (MITT – Research Report) to Buy, with a price target of $13.50. The company’s shares closed last Monday at $11.26.

According to TipRanks.com, Cranston is a 4-star analyst with an average return of 15.1% and a 71.4% success rate. Cranston covers the Financial sector, focusing on stocks such as ARMOUR Residential REIT, Annaly Capital, and Guild Holdings.

The word on The Street in general, suggests a Hold analyst consensus rating for AG Mortgage with a $12.75 average price target.

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Based on AG Mortgage’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $18.3 million and net profit of $15.49 million. In comparison, last year the company earned revenue of $11.5 million and had a net profit of $3.06 million.

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AG Mortgage Investment Trust, Inc. is a real estate investment trust, which focuses on investing, acquiring, and managing a diversified portfolio of residential mortgage assets, other real estate-related securities and financial assets. The firm conducts its business through the following segments: Securities and Loans and Single-Family Rental Properties. Its portfolios include Agency RMBS, Residential Investments, Commercial Investments, and ABS. The company was founded on March 1, 2011 and is headquartered in New York, NY.

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