Granite Point Mortgage Trust (NYSE:GPMT) Stock Scheduled to Reverse Split on Tuesday, October 6th

Shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT) are scheduled to reverse split on Tuesday, October 6th. The 1-10 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Monday, October 5th.

Granite Point Mortgage Trust Stock Performance

Shares of GPMT stock traded up $0.10 on Thursday, hitting $0.94. The stock had a trading volume of 345,457 shares, compared to its average volume of 200,320. The firm has a market capitalization of $45.12 million, a price-to-earnings ratio of -0.47 and a beta of 1.58. The stock’s 50 day moving average is $1.15 and its 200-day moving average is $1.35. Granite Point Mortgage Trust has a 52-week low of $0.81 and a 52-week high of $3.03.

Granite Point Mortgage Trust (NYSE:GPMT) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.40). Granite Point Mortgage Trust had a negative net margin of 73.75% and a negative return on equity of 10.25%. The firm had revenue of $8.27 million for the quarter, compared to analyst estimates of $7.85 million. Equities analysts expect that Granite Point Mortgage Trust will post -1.53 earnings per share for the current year.

Granite Point Mortgage Trust Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, October 1st. This is a negative change from Granite Point Mortgage Trust’s previous quarterly dividend of $0.05. This represents a $0.04 dividend on an annualized basis and a dividend yield of 4.3%. Granite Point Mortgage Trust’s dividend payout ratio is presently -9.95%.

Analyst Ratings Changes

A number of brokerages recently commented on GPMT. UBS Group initiated coverage on Granite Point Mortgage Trust in a report on Thursday, July 16th. They issued a “neutral” rating and a $1.50 price target for the company. Zacks Research lowered Granite Point Mortgage Trust from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Friday, July 17th. Keefe, Bruyette & Woods decreased their price target on shares of Granite Point Mortgage Trust from $1.50 to $1.25 and set a “market perform” rating for the company in a research report on Wednesday, August 12th. Finally, Wall Street Zen lowered shares of Granite Point Mortgage Trust to a “strong sell” rating in a research note on Saturday, August 15th. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Granite Point Mortgage Trust currently has an average rating of “Reduce” and a consensus price target of $1.33.

Institutional Trading of Granite Point Mortgage Trust

Institutional investors and hedge funds have recently bought and sold shares of the company. Quantum Portfolio Management LLC bought a new position in Granite Point Mortgage Trust during the 1st quarter worth approximately $66,580,000. Purpose Unlimited Inc. bought a new stake in shares of Granite Point Mortgage Trust in the 4th quarter valued at approximately $2,082,000. Sei Investments Co. increased its holdings in shares of Granite Point Mortgage Trust by 140.5% in the 1st quarter. Sei Investments Co. now owns 87,167 shares of the company’s stock valued at $126,000 after acquiring an additional 50,926 shares during the last quarter. Finally, Cura Wealth Advisors LLC raised its position in shares of Granite Point Mortgage Trust by 0.5% during the 1st quarter. Cura Wealth Advisors LLC now owns 1,905,078 shares of the company’s stock valued at $2,762,000 after acquiring an additional 10,412 shares in the last quarter. Institutional investors and hedge funds own 51.63% of the company’s stock.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust Inc (NYSE:GPMT) is a real estate investment trust focused on commercial real estate finance. The company originates, invests in and manages commercial real estate debt investments, with an emphasis on floating-rate senior mortgage loans secured by properties in the United States.

Granite Point generally provides financing for transitional commercial properties—assets that may require leasing, renovation, redevelopment or other improvements before reaching stabilized operating performance.