Granite Point Mortgage Trust Inc. (NYSE:GPMT) Receives $3.08 Consensus PT from Analysts

Granite Point Mortgage Trust Inc. (NYSE:GPMT) has earned an average recommendation of “Hold” from the five ratings firms that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has issued a buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $3.0833.

Several research analysts have recently commented on GPMT shares. Keefe, Bruyette & Woods reduced their target price on Granite Point Mortgage Trust from $3.00 to $2.75 and set a “market perform” rating on the stock in a report on Tuesday, November 11th. Wall Street Zen raised Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Compass Point set a $3.00 target price on Granite Point Mortgage Trust in a research note on Thursday, October 9th. Zacks Research raised Granite Point Mortgage Trust to a “hold” rating in a report on Friday, December 19th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a report on Wednesday, October 8th.

Insider Activity at Granite Point Mortgage Trust

In other news, Director Hope B. Woodhouse sold 14,674 shares of the business’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $2.70, for a total transaction of $39,619.80. Following the completion of the sale, the director owned 94,423 shares in the company, valued at $254,942.10. The trade was a 13.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Several hedge funds have recently added to or reduced their stakes in GPMT. Investment Research Partners LLC bought a new stake in Granite Point Mortgage Trust during the 3rd quarter worth about $137,000. Advisory Services Network LLC bought a new position in shares of Granite Point Mortgage Trust in the 3rd quarter valued at about $26,000. Susquehanna International Group LLP grew its position in shares of Granite Point Mortgage Trust by 15.4% during the 3rd quarter. Susquehanna International Group LLP now owns 307,963 shares of the company’s stock worth $924,000 after buying an additional 41,016 shares during the period. Bank of America Corp DE raised its stake in shares of Granite Point Mortgage Trust by 32.1% during the third quarter. Bank of America Corp DE now owns 66,148 shares of the company’s stock worth $198,000 after buying an additional 16,089 shares during the last quarter. Finally, Two Sigma Investments LP bought a new stake in shares of Granite Point Mortgage Trust during the third quarter worth approximately $560,000. Institutional investors own 51.63% of the company’s stock.

Granite Point Mortgage Trust Price Performance

Granite Point Mortgage Trust stock opened at $2.46 on Tuesday. The firm has a market capitalization of $116.63 million, a P/E ratio of -1.71 and a beta of 1.73. The stock has a fifty day moving average price of $2.69 and a two-hundred day moving average price of $2.71. Granite Point Mortgage Trust has a 52-week low of $1.61 and a 52-week high of $3.19.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its earnings results on Wednesday, May 25th. The company reported $0.38 earnings per share for the quarter. The business had revenue of $27.77 million for the quarter. Granite Point Mortgage Trust had a negative net margin of 39.73% and a negative return on equity of 30.39%. On average, equities research analysts predict that Granite Point Mortgage Trust will post -2.75 EPS for the current fiscal year.

Granite Point Mortgage Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Tuesday, December 30th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, December 30th. This represents a $0.20 annualized dividend and a yield of 8.1%. Granite Point Mortgage Trust’s dividend payout ratio is currently -13.89%.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust, Inc is a specialty finance company that invests directly in commercial real estate debt. The company focuses on originating, acquiring and managing senior preferred and mezzanine loans secured by income-producing real estate across diverse property types, including multifamily, office, industrial and retail assets. Granite Point Mortgage Trust operates as a real estate investment trust (REIT), providing investors with exposure to floating-rate commercial mortgage loan investments.

Granite Point’s investment strategy centers on structuring loans to deliver attractive risk-adjusted returns, with portfolio allocations spanning senior loans, B-notes and mezzanine financings.