UBS Group Cuts Granite Point Mortgage Trust (NYSE:GPMT) Price Target to $3.50

Granite Point Mortgage Trust (NYSE:GPMT) had its price objective lowered by UBS Group from $3.75 to $3.50 in a research note published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities analysts have also issued reports about the company. Keefe, Bruyette & Woods raised Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and lifted their price objective for the company from $3.00 to $3.25 in a research note on Tuesday, December 10th. JMP Securities reiterated a “market perform” rating on shares of Granite Point Mortgage Trust in a research note on Tuesday, February 18th.

Granite Point Mortgage Trust Stock Performance

Shares of GPMT stock opened at $2.86 on Tuesday. The firm has a market capitalization of $142.63 million, a price-to-earnings ratio of -0.65 and a beta of 1.86. Granite Point Mortgage Trust has a one year low of $2.46 and a one year high of $5.01. The company has a 50 day moving average price of $2.88 and a 200 day moving average price of $2.97.

Granite Point Mortgage Trust (NYSE:GPMT) last released its quarterly earnings data on Thursday, February 13th. The company reported ($1.99) EPS for the quarter, missing analysts’ consensus estimates of ($0.73) by ($1.26). Granite Point Mortgage Trust had a negative return on equity of 14.08% and a negative net margin of 111.59%. The firm had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.90 million. As a group, equities analysts forecast that Granite Point Mortgage Trust will post -2.75 EPS for the current fiscal year.

Granite Point Mortgage Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 7.01%. The ex-dividend date was Tuesday, December 31st. Granite Point Mortgage Trust’s payout ratio is -4.56%.

Insider Activity

In other news, Director Patrick Gregory Halter bought 34,001 shares of Granite Point Mortgage Trust stock in a transaction dated Tuesday, February 25th. The shares were acquired at an average cost of $2.80 per share, with a total value of $95,202.80. Following the completion of the transaction, the director now owns 34,001 shares in the company, valued at approximately $95,202.80. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake in shares of Granite Point Mortgage Trust by 121.4% during the third quarter. JPMorgan Chase & Co. now owns 281,251 shares of the company’s stock valued at $892,000 after acquiring an additional 154,202 shares in the last quarter. Wolverine Asset Management LLC boosted its holdings in Granite Point Mortgage Trust by 209.2% in the fourth quarter. Wolverine Asset Management LLC now owns 493,848 shares of the company’s stock valued at $1,378,000 after purchasing an additional 334,109 shares during the last quarter. Barclays PLC increased its holdings in Granite Point Mortgage Trust by 64.4% during the 3rd quarter. Barclays PLC now owns 115,750 shares of the company’s stock worth $367,000 after purchasing an additional 45,323 shares during the last quarter. GSA Capital Partners LLP boosted its stake in shares of Granite Point Mortgage Trust by 25.7% during the 3rd quarter. GSA Capital Partners LLP now owns 54,223 shares of the company’s stock valued at $172,000 after buying an additional 11,101 shares during the last quarter. Finally, FMR LLC grew its position in shares of Granite Point Mortgage Trust by 237.2% during the third quarter. FMR LLC now owns 8,296 shares of the company’s stock worth $26,000 after buying an additional 5,836 shares in the last quarter. Hedge funds and other institutional investors own 51.63% of the company’s stock.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc, a real estate investment trust, originates, invests in, and manages senior floating-rate commercial mortgage loans, and other debt and debt-like commercial real estate investments in the United States. The company provides intermediate-term bridge or transitional financing for various purposes, including acquisitions, recapitalizations, and refinancing, as well as a range of business plans, including lease-up, renovation, repositioning, and repurposing of the commercial property.