Granite Point Mortgage Trust (NYSE:GPMT) Stock Rating Reaffirmed by JMP Securities

Granite Point Mortgage Trust (NYSE:GPMT)‘s stock had its “buy” rating restated by equities researchers at JMP Securities in a research note issued on Tuesday, Analyst Ratings Network reports. They presently have a $15.00 target price on the stock. JMP Securities’ price objective would indicate a potential upside of 11.28% from the stock’s previous close.

Separately, Zacks Investment Research cut shares of Granite Point Mortgage Trust from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 18th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $14.80.

Shares of GPMT stock opened at $13.48 on Tuesday. The firm has a fifty day moving average price of $13.49 and a 200 day moving average price of $13.73. The company has a market cap of $738.56 million, a P/E ratio of 21.40 and a beta of 1.50. Granite Point Mortgage Trust has a 12 month low of $6.51 and a 12 month high of $15.92.

Granite Point Mortgage Trust (NYSE:GPMT) last issued its earnings results on Monday, August 9th. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.03). Granite Point Mortgage Trust had a return on equity of 6.87% and a net margin of 19.21%. As a group, equities analysts expect that Granite Point Mortgage Trust will post 0.92 earnings per share for the current fiscal year.

In other Granite Point Mortgage Trust news, COO Steven Plust bought 8,000 shares of Granite Point Mortgage Trust stock in a transaction dated Thursday, August 12th. The stock was acquired at an average cost of $12.94 per share, with a total value of $103,520.00. Following the completion of the acquisition, the chief operating officer now owns 57,969 shares of the company’s stock, valued at $750,118.86. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CIO Stephen Alpart bought 3,900 shares of Granite Point Mortgage Trust stock in a transaction dated Thursday, August 19th. The stock was acquired at an average cost of $12.97 per share, with a total value of $50,583.00. The disclosure for this purchase can be found here. Insiders bought 27,562 shares of company stock valued at $362,395 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Hillsdale Investment Management Inc. acquired a new position in shares of Granite Point Mortgage Trust during the second quarter worth about $28,000. Sphinx Trading LP acquired a new position in shares of Granite Point Mortgage Trust during the third quarter worth about $26,000. Meeder Asset Management Inc. increased its stake in shares of Granite Point Mortgage Trust by 105.3% during the second quarter. Meeder Asset Management Inc. now owns 2,887 shares of the company’s stock worth $43,000 after acquiring an additional 1,481 shares during the period. Point72 Hong Kong Ltd increased its stake in shares of Granite Point Mortgage Trust by 90.9% during the first quarter. Point72 Hong Kong Ltd now owns 5,325 shares of the company’s stock worth $64,000 after acquiring an additional 2,535 shares during the period. Finally, Advisory Services Network LLC acquired a new position in shares of Granite Point Mortgage Trust during the second quarter worth about $98,000. Institutional investors and hedge funds own 62.33% of the company’s stock.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust, Inc operates as a real estate investment trust, which focuses on originating, investing in, and managing senior floating-rate commercial mortgage loans, other debt and debt-like commercial real estate investments. The company was founded on April 7, 2017 and is headquartered in New York, NY.

Further Reading: The risks of owning bonds

Receive News & Ratings for Granite Point Mortgage Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Granite Point Mortgage Trust and related companies with MarketBeat.com's FREE daily email newsletter.