Granite Point Mortgage Trust (NYSE:GPMT) Director Tanuja Dehne Sells 10,827 Shares

Granite Point Mortgage Trust Inc. (NYSE:GPMT) Director Tanuja Dehne sold 10,827 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $1.48, for a total transaction of $16,023.96. Following the sale, the director owned 109,632 shares of the company’s stock, valued at approximately $162,255.36. This represents a 8.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Granite Point Mortgage Trust Stock Down 2.0%

GPMT traded down $0.03 during mid-day trading on Tuesday, reaching $1.45. 187,324 shares of the company traded hands, compared to its average volume of 180,236. The stock has a market capitalization of $69.48 million, a P/E ratio of -1.36 and a beta of 1.63. The company’s fifty day moving average price is $1.44 and its 200-day moving average price is $1.93. Granite Point Mortgage Trust Inc. has a 52-week low of $1.24 and a 52-week high of $3.12.

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

Granite Point Mortgage Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 13.8%. The ex-dividend date was Wednesday, April 1st. Granite Point Mortgage Trust’s dividend payout ratio is -18.69%.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Several institutional investors have recently added to or reduced their stakes in GPMT. LPL Financial LLC purchased a new position in Granite Point Mortgage Trust during the 4th quarter valued at approximately $25,000. Advisory Services Network LLC purchased a new position in Granite Point Mortgage Trust during the 3rd quarter valued at approximately $26,000. B. Riley Wealth Advisors Inc. purchased a new position in Granite Point Mortgage Trust during the 2nd quarter valued at approximately $28,000. Hudson Bay Capital Management LP purchased a new position in Granite Point Mortgage Trust during the 2nd quarter valued at approximately $31,000. Finally, Jump Financial LLC bought a new position in shares of Granite Point Mortgage Trust in the 2nd quarter valued at about $31,000. Hedge funds and other institutional investors own 51.63% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Tuesday, April 21st. Compass Point set a $1.50 price target on Granite Point Mortgage Trust in a research note on Monday, May 11th. Finally, Wall Street Zen lowered Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a research note on Saturday. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Granite Point Mortgage Trust presently has an average rating of “Hold” and a consensus target price of $2.50.

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.