Granite Point Mortgage Trust Inc. (NYSE:GPMT) Receives Consensus Recommendation of “Hold” from Analysts

Granite Point Mortgage Trust Inc. (NYSE:GPMT) has been given a consensus rating of “Hold” by the five brokerages that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and one has issued a buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $2.8333.

GPMT has been the topic of a number of analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Thursday, January 22nd. Zacks Research upgraded shares of Granite Point Mortgage Trust to a “hold” rating in a research report on Friday, December 19th. Compass Point set a $2.50 price target on Granite Point Mortgage Trust in a research note on Thursday, January 8th. Keefe, Bruyette & Woods lowered their price objective on shares of Granite Point Mortgage Trust from $2.75 to $2.50 and set a “market perform” rating on the stock in a report on Thursday, January 8th. Finally, Wall Street Zen raised Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Hedge funds have recently made changes to their positions in the business. Advisory Services Network LLC bought a new stake in Granite Point Mortgage Trust in the third quarter worth about $26,000. May Hill Capital LLC purchased a new position in shares of Granite Point Mortgage Trust in the second quarter valued at $28,000. B. Riley Wealth Advisors Inc. bought a new stake in shares of Granite Point Mortgage Trust during the second quarter valued at about $28,000. Hudson Bay Capital Management LP bought a new stake in Granite Point Mortgage Trust during the 2nd quarter worth approximately $31,000. Finally, Jump Financial LLC purchased a new position in shares of Granite Point Mortgage Trust during the 2nd quarter valued at $31,000. 51.63% of the stock is currently owned by institutional investors.

Granite Point Mortgage Trust Stock Up 6.2%

Shares of GPMT opened at $2.30 on Wednesday. The business has a 50-day simple moving average of $2.40 and a two-hundred day simple moving average of $2.66. Granite Point Mortgage Trust has a 12-month low of $1.61 and a 12-month high of $3.19. The stock has a market cap of $108.81 million, a PE ratio of -1.59 and a beta of 1.71.

Granite Point Mortgage Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Tuesday, December 30th were paid a $0.05 dividend. The ex-dividend date was Tuesday, December 30th. This represents a $0.20 annualized dividend and a yield of 8.7%. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is -13.89%.

About Granite Point Mortgage Trust

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.