NEW YORK - AG Mortgage (NYSE:MITT) Investment Trust, Inc. (NYSE:MITT), a residential mortgage real estate investment trust (REIT), is slated to be included in the Russell 3000® Index starting July 1, 2024, as announced today. The inclusion follows the annual reconstitution of the Russell stock indexes, with preliminary listings posted by FTSE Russell on May 24.
The company's Chief Executive Officer and President, TJ Durkin, expressed satisfaction with the inclusion, noting it as a reflection of the company's successful growth initiatives and a means to broaden their investor base. He also emphasized the significance of the inclusion as a testament to the company's market position in the residential mortgage REIT sector.
The Russell 3000® Index membership is determined by FTSE Russell primarily through objective market-capitalization rankings and style attributes, and it lasts for one year. Inclusion in this index also ensures automatic placement in either the large-cap Russell 1000® Index or the small-cap Russell 2000® Index, as well as the relevant growth and value style indexes.
The Russell indexes, part of FTSE Russell, a leading global index provider, serve as performance benchmarks for the U.S. stock market and are utilized by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. They are the basis for approximately $10.5 trillion in assets either benchmarked to or invested in products founded on the Russell US Indexes.
AG Mortgage Investment Trust, Inc., externally managed by AG REIT Management, LLC, focuses on a diversified risk-adjusted portfolio of U.S. residential mortgage-related assets. Its management company is a subsidiary of Angelo, Gordon & Co., L.P., which is part of the diversified credit and real estate investing platform within TPG.
InvestingPro Insights
With AG Mortgage Investment Trust's (NYSE:MITT) upcoming inclusion in the Russell 3000® Index, investors are eyeing the company's financial metrics and performance with increased interest. According to InvestingPro, MITT trades at a low earnings multiple, with a P/E Ratio of 3.52, which may appeal to value-oriented investors. Additionally, the company's Adjusted P/E Ratio over the last twelve months as of Q1 2024 stands at 6.78, reflecting a potentially undervalued stock in comparison to industry peers.
Another key factor for income-focused investors is MITT's significant dividend yield, which is currently at 10.79%. This is coupled with a history of maintaining dividend payments for 14 consecutive years, demonstrating a commitment to returning value to shareholders. The company's financial stability is further underscored by its liquid assets, which exceed short-term obligations, suggesting a strong liquidity position.
InvestingPro Data also highlights MITT's impressive revenue growth, with a substantial increase of 246.09% over the last twelve months as of Q1 2024. This growth trajectory is a positive sign for the company's future prospects and may contribute to the stock's attractiveness following its index inclusion. Moreover, MITT has experienced a large price uptick of 34.52% over the last six months, indicating a strong market performance that could garner the attention of potential investors.
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