Granite Point Mortgage Trust (NYSE:GPMT) Coverage Initiated at UBS Group

Equities research analysts at UBS Group started coverage on shares of Granite Point Mortgage Trust (NYSE:GPMT) in a research note issued on Thursday, Marketbeat reports. The brokerage set a “neutral” rating and a $1.50 price target on the stock. UBS Group’s price target suggests a potential upside of 7.53% from the company’s current price.

GPMT has been the subject of a number of other research reports. Wall Street Zen downgraded Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Compass Point set a $1.50 target price on Granite Point Mortgage Trust in a research note on Monday, May 11th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a report on Tuesday, April 21st. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $1.83.

Granite Point Mortgage Trust Stock Down 0.4%

Shares of NYSE GPMT opened at $1.40 on Thursday. The company has a market capitalization of $66.85 million, a PE ratio of -1.30 and a beta of 1.61. The stock’s 50 day moving average price is $1.41 and its 200-day moving average price is $1.68. Granite Point Mortgage Trust has a twelve month low of $1.24 and a twelve month high of $3.12.

Granite Point Mortgage Trust (NYSE:GPMT) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.13. The company had revenue of $11.22 million during the quarter, compared to the consensus estimate of $7.40 million. Granite Point Mortgage Trust had a negative return on equity of 11.31% and a negative net margin of 29.82%. As a group, research analysts expect that Granite Point Mortgage Trust will post -0.69 EPS for the current fiscal year.

Institutional Trading of Granite Point Mortgage Trust

Large investors have recently bought and sold shares of the company. State Street Corp grew its holdings in shares of Granite Point Mortgage Trust by 2.1% during the fourth quarter. State Street Corp now owns 265,242 shares of the company’s stock worth $650,000 after purchasing an additional 5,500 shares in the last quarter. Engineers Gate Manager LP increased its position in shares of Granite Point Mortgage Trust by 18.5% in the fourth quarter. Engineers Gate Manager LP now owns 39,007 shares of the company’s stock worth $94,000 after purchasing an additional 6,102 shares during the last quarter. Advisory Services Network LLC purchased a new stake in Granite Point Mortgage Trust in the third quarter valued at approximately $26,000. MetLife Investment Management LLC raised its stake in Granite Point Mortgage Trust by 68.3% in the first 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 in the last quarter. Finally, LPL Financial LLC purchased a new stake in Granite Point Mortgage Trust in the fourth quarter valued at approximately $25,000. 51.63% of the stock is owned by hedge funds and other institutional investors.

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.