UBS Group Lowers Granite Point Mortgage Trust (NYSE:GPMT) Price Target to $3.50

Granite Point Mortgage Trust (NYSE:GPMT) had its target price trimmed by UBS Group from $3.75 to $3.50 in a research note published on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods raised shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $3.00 to $3.25 in a report on Tuesday, December 10th. JMP Securities restated a “market perform” rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, February 18th.

Granite Point Mortgage Trust Trading Down 0.2 %

Shares of GPMT opened at $2.86 on Tuesday. Granite Point Mortgage Trust has a 52 week low of $2.46 and a 52 week high of $5.01. The firm has a market cap of $142.63 million, a price-to-earnings ratio of -0.65 and a beta of 1.86. The stock has a 50 day moving average of $2.88 and a 200-day moving average of $2.97.

Granite Point Mortgage Trust (NYSE:GPMT) last released its earnings results on Thursday, February 13th. The company reported ($1.99) earnings per share for the quarter, missing the consensus estimate of ($0.73) by ($1.26). Granite Point Mortgage Trust had a negative net margin of 111.59% and a negative return on equity of 14.08%. The business had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.90 million. On average, sell-side analysts predict that Granite Point Mortgage Trust will post -2.75 earnings per share for the current fiscal year.

Granite Point Mortgage Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 7.01%. The ex-dividend date of this dividend was Tuesday, December 31st. Granite Point Mortgage Trust’s payout ratio is -4.56%.

Insiders Place Their Bets

In other Granite Point Mortgage Trust news, Director Patrick Gregory Halter bought 34,001 shares of the business’s stock in a transaction on Tuesday, February 25th. The shares were purchased at an average price of $2.80 per share, with a total value of $95,202.80. Following the purchase, the director now directly owns 34,001 shares of the company’s stock, valued at approximately $95,202.80. The trade was a ? increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of GPMT. FMR LLC lifted its holdings in Granite Point Mortgage Trust by 237.2% in the third quarter. FMR LLC now owns 8,296 shares of the company’s stock worth $26,000 after purchasing an additional 5,836 shares during the period. MetLife Investment Management LLC raised its position in shares of Granite Point Mortgage Trust by 104.8% during the 4th quarter. MetLife Investment Management LLC now owns 12,676 shares of the company’s stock worth $35,000 after buying an additional 6,487 shares in the last quarter. ProShare Advisors LLC acquired a new stake in shares of Granite Point Mortgage Trust in the 4th quarter worth approximately $40,000. Intech Investment Management LLC bought a new position in shares of Granite Point Mortgage Trust in the third quarter valued at approximately $46,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Granite Point Mortgage Trust by 190.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 14,786 shares of the company’s stock valued at $41,000 after acquiring an additional 9,697 shares during the period. Institutional investors own 51.63% of the company’s stock.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust Inc, a real estate investment trust, originates, invests in, and manages senior floating-rate commercial mortgage loans, and other debt and debt-like commercial real estate investments in the United States. The company provides intermediate-term bridge or transitional financing for various purposes, including acquisitions, recapitalizations, and refinancing, as well as a range of business plans, including lease-up, renovation, repositioning, and repurposing of the commercial property.