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

Shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT) have earned an average recommendation of “Hold” from the five research firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $3.0833.

A number of research firms recently issued reports on GPMT. Keefe, Bruyette & Woods lowered 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. Zacks Research raised shares of Granite Point Mortgage Trust to a “hold” rating in a research note on Friday. Compass Point set a $3.00 target price on shares of Granite Point Mortgage Trust in a report on Thursday, October 9th. Wall Street Zen upgraded shares of Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a report on Wednesday, October 8th.

Granite Point Mortgage Trust Price Performance

Shares of NYSE:GPMT opened at $2.49 on Tuesday. The stock has a market cap of $117.81 million, a price-to-earnings ratio of -1.73 and a beta of 1.73. Granite Point Mortgage Trust has a 12 month low of $1.61 and a 12 month high of $3.19. The stock’s 50 day moving average price is $2.70 and its 200 day moving average price is $2.72.

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

Granite Point Mortgage Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Tuesday, December 30th will be given a $0.05 dividend. The ex-dividend date is Tuesday, December 30th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 8.0%. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is -13.89%.

Insider Buying and Selling

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

Institutional Trading of Granite Point Mortgage Trust

Several large investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its stake in Granite Point Mortgage Trust by 1,460.6% during the 2nd quarter. Farther Finance Advisors LLC now owns 13,062 shares of the company’s stock valued at $32,000 after acquiring an additional 12,225 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Granite Point Mortgage Trust during the first quarter worth approximately $403,000. Truffle Hound Capital LLC acquired a new stake in shares of Granite Point Mortgage Trust during the second quarter worth approximately $988,000. Cura Wealth Advisors LLC grew its position in Granite Point Mortgage Trust by 16.8% during the first quarter. Cura Wealth Advisors LLC now owns 1,465,929 shares of the company’s stock valued at $3,811,000 after purchasing an additional 210,408 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in Granite Point Mortgage Trust in the 2nd quarter valued at approximately $227,000. 51.63% of the stock is 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.