Granite Point Mortgage Trust (NYSE:GPMT) Downgraded by Wall Street Zen to Strong Sell

Wall Street Zen downgraded shares of Granite Point Mortgage Trust (NYSE:GPMT) to a strong sell rating in a research note published on Saturday morning.

Other equities research analysts have also recently issued research reports about the company. Compass Point set a $1.25 price objective on Granite Point Mortgage Trust in a report on Wednesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Friday, July 17th. UBS Group started coverage on Granite Point Mortgage Trust in a research report on Thursday, July 16th. They set a “neutral” rating and a $1.50 target price on the stock. Finally, Keefe, Bruyette & Woods decreased their price target on Granite Point Mortgage Trust from $1.50 to $1.25 and set a “market perform” rating on the stock in a research note on Wednesday. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $1.33.

Granite Point Mortgage Trust Stock Performance

Granite Point Mortgage Trust stock opened at $1.20 on Friday. Granite Point Mortgage Trust has a fifty-two week low of $1.17 and a fifty-two week high of $3.12. The company has a market capitalization of $57.60 million, a price-to-earnings ratio of -0.59 and a beta of 1.61. The stock has a fifty day moving average of $1.38 and a two-hundred day moving average of $1.54.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.40). The company had revenue of $8.27 million for the quarter, compared to analysts’ expectations of $7.85 million. Granite Point Mortgage Trust had a negative return on equity of 10.25% and a negative net margin of 73.75%. On average, analysts forecast that Granite Point Mortgage Trust will post -1.53 EPS for the current fiscal year.

Granite Point Mortgage Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 16.7%. The ex-dividend date of this dividend was Wednesday, July 1st. Granite Point Mortgage Trust’s dividend payout ratio is -9.95%.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Several institutional investors have recently bought and sold shares of the business. Quantum Portfolio Management LLC purchased a new position in Granite Point Mortgage Trust in the first quarter valued at about $66,580,000. Vanguard Group Inc. grew its stake in shares of Granite Point Mortgage Trust by 5.8% in the third quarter. Vanguard Group Inc. now owns 2,442,107 shares of the company’s stock valued at $7,326,000 after buying an additional 134,451 shares in the last quarter. Cura Wealth Advisors LLC grew its stake in shares of Granite Point Mortgage Trust by 0.5% in the first quarter. Cura Wealth Advisors LLC now owns 1,905,078 shares of the company’s stock valued at $2,762,000 after buying an additional 10,412 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Granite Point Mortgage Trust by 9,425.4% during the 2nd quarter. Marshall Wace LLP now owns 1,007,221 shares of the company’s stock valued at $2,488,000 after buying an additional 996,647 shares during the period. Finally, Purpose Unlimited Inc. purchased a new stake in shares of Granite Point Mortgage Trust during the 4th quarter valued at about $2,082,000. 51.63% of the stock is currently 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.