Insider Buying: Granite Point Mortgage Trust Inc. (NYSE:GPMT) Director Purchases 34,001 Shares of Stock

Granite Point Mortgage Trust Inc. (NYSE:GPMT) Director Patrick Gregory Halter acquired 34,001 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was purchased at an average price of $2.80 per share, for a total transaction of $95,202.80. Following the completion of the purchase, the director now directly owns 34,001 shares in the company, valued at $95,202.80. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Granite Point Mortgage Trust Stock Up 3.1 %

Granite Point Mortgage Trust stock traded up $0.09 during midday trading on Wednesday, reaching $2.86. The stock had a trading volume of 308,500 shares, compared to its average volume of 375,292. The firm has a market cap of $142.63 million, a price-to-earnings ratio of -0.65 and a beta of 1.86. The company has a fifty day moving average of $2.89 and a 200 day moving average of $2.97. Granite Point Mortgage Trust Inc. has a 52-week low of $2.46 and a 52-week high of $5.01.

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

Granite Point Mortgage Trust Dividend Announcement

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

Hedge Funds Weigh In On Granite Point Mortgage Trust

Hedge funds and other institutional investors have recently modified their holdings of the business. ProShare Advisors LLC acquired a new stake in shares of Granite Point Mortgage Trust in the fourth quarter valued at $40,000. Millennium Management LLC boosted its holdings in shares of Granite Point Mortgage Trust by 112.5% in the fourth quarter. Millennium Management LLC now owns 28,222 shares of the company’s stock valued at $79,000 after acquiring an additional 14,941 shares during the period. Graham Capital Management L.P. increased its holdings in shares of Granite Point Mortgage Trust by 13.9% in the fourth quarter. Graham Capital Management L.P. now owns 32,850 shares of the company’s stock valued at $92,000 after purchasing an additional 4,015 shares during the period. Bank of America Corp DE lifted its holdings in shares of Granite Point Mortgage Trust by 111.1% in the 4th quarter. Bank of America Corp DE now owns 64,806 shares of the company’s stock valued at $181,000 after buying an additional 34,103 shares during the period. Finally, Jane Street Group LLC boosted its position in Granite Point Mortgage Trust by 120.4% during the fourth quarter. Jane Street Group LLC now owns 243,265 shares of the company’s stock worth $679,000 after purchasing an additional 132,903 shares in the last quarter. 51.63% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Keefe, Bruyette & Woods upgraded Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and increased their price objective for the company from $3.00 to $3.25 in a research report on Tuesday, December 10th. JMP Securities restated a “market perform” rating on shares of Granite Point Mortgage Trust in a report on Tuesday, February 18th. Finally, UBS Group dropped their price objective on shares of Granite Point Mortgage Trust from $3.75 to $3.50 and set a “buy” rating on the stock in a report on Tuesday.

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.