Granite Point Mortgage Trust Inc. (NYSE:GPMT) Sees Significant Increase in Short Interest

Granite Point Mortgage Trust Inc. (NYSE:GPMT) was the recipient of a large growth in short interest in the month of January. As of January 30th, there was short interest totaling 50,073 shares, a growth of 31.9% from the January 15th total of 37,968 shares. Based on an average trading volume of 179,389 shares, the short-interest ratio is presently 0.3 days. Currently, 0.1% of the company’s shares are sold short. Currently, 0.1% of the company’s shares are sold short. Based on an average trading volume of 179,389 shares, the short-interest ratio is presently 0.3 days.

Analyst Ratings Changes

GPMT has been the subject of several recent analyst reports. Keefe, Bruyette & Woods lowered their target price on shares of Granite Point Mortgage Trust from $2.75 to $2.50 and set a “market perform” rating for the company in a research note on Thursday, January 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Thursday, January 22nd. Compass Point set a $2.05 price objective on Granite Point Mortgage Trust in a research note on Friday. Wall Street Zen upgraded Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Zacks Research raised shares of Granite Point Mortgage Trust to a “hold” rating in a research report on Friday, December 19th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $2.68.

Granite Point Mortgage Trust Stock Down 1.7%

NYSE GPMT opened at $1.98 on Monday. The company has a market capitalization of $93.63 million, a P/E ratio of -1.70 and a beta of 1.72. Granite Point Mortgage Trust has a 12-month low of $1.61 and a 12-month high of $3.16. The firm has a 50-day moving average price of $2.36 and a two-hundred day moving average price of $2.65.

Granite Point Mortgage Trust (NYSE:GPMT) last announced its earnings results on Wednesday, February 11th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.10. The company had revenue of $10.55 million for the quarter, compared to analysts’ expectations of $10.22 million. Granite Point Mortgage Trust had a negative net margin of 31.24% and a negative return on equity of 15.52%. Equities analysts expect that Granite Point Mortgage Trust will post -2.75 EPS for the current year.

Granite Point Mortgage Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Tuesday, December 30th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 10.1%. The ex-dividend date of this dividend was Tuesday, December 30th. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is currently -17.24%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GPMT. State Street Corp raised its holdings in Granite Point Mortgage Trust by 2.1% in the 4th quarter. State Street Corp now owns 265,242 shares of the company’s stock valued at $650,000 after buying an additional 5,500 shares during the last quarter. Abundance Wealth Counselors increased its stake in Granite Point Mortgage Trust by 4.0% in the third quarter. Abundance Wealth Counselors now owns 187,119 shares of the company’s stock valued at $561,000 after purchasing an additional 7,204 shares in the last quarter. Advisory Services Network LLC acquired a new position in Granite Point Mortgage Trust during the 3rd quarter worth approximately $26,000. MetLife Investment Management LLC grew its position in Granite Point Mortgage Trust by 68.3% in the 1st quarter. MetLife Investment Management LLC now owns 21,334 shares of the company’s stock valued at $55,000 after purchasing an additional 8,658 shares during the period. Finally, LPL Financial LLC acquired a new stake in shares of Granite Point Mortgage Trust in the 4th quarter worth about $25,000. 51.63% of the stock is currently owned by institutional investors and hedge funds.

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.