Analysts Set Granite Point Mortgage Trust Inc (GPMT) Target Price at $19.40

Shares of Granite Point Mortgage Trust Inc (NYSE:GPMT) have received an average rating of “Buy” from the eight research firms that are currently covering the stock, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $19.67.

A number of equities analysts have commented on GPMT shares. Zacks Investment Research raised Granite Point Mortgage Trust from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research note on Wednesday. BTIG Research started coverage on Granite Point Mortgage Trust in a research note on Monday, October 8th. They issued a “neutral” rating on the stock. JPMorgan Chase & Co. lifted their price target on Granite Point Mortgage Trust from $18.00 to $19.00 and gave the stock a “$18.48” rating in a research note on Monday, July 23rd. Keefe, Bruyette & Woods cut Granite Point Mortgage Trust from an “outperform” rating to a “market perform” rating in a research note on Monday, July 30th. They noted that the move was a valuation call. Finally, Compass Point reaffirmed a “buy” rating and issued a $20.00 price target on shares of Granite Point Mortgage Trust in a research note on Tuesday, August 7th.

A number of institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC purchased a new position in shares of Granite Point Mortgage Trust during the first quarter valued at approximately $110,000. Commonwealth Equity Services LLC purchased a new position in shares of Granite Point Mortgage Trust during the second quarter valued at approximately $196,000. Atria Investments LLC purchased a new position in shares of Granite Point Mortgage Trust during the second quarter valued at approximately $203,000. Advisors Asset Management Inc. increased its stake in shares of Granite Point Mortgage Trust by 1,219.2% during the second quarter. Advisors Asset Management Inc. now owns 315,374 shares of the company’s stock valued at $242,000 after buying an additional 291,468 shares during the period. Finally, State of Alaska Department of Revenue purchased a new position in shares of Granite Point Mortgage Trust during the third quarter valued at approximately $275,000. 65.21% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE GPMT traded up $0.11 during trading hours on Friday, reaching $18.64. 414,100 shares of the stock traded hands, compared to its average volume of 377,007. The stock has a market cap of $809.59 million, a price-to-earnings ratio of 14.22, a P/E/G ratio of 0.56 and a beta of 0.06. The company has a current ratio of 35.46, a quick ratio of 35.46 and a debt-to-equity ratio of 0.96. Granite Point Mortgage Trust has a 52-week low of $16.15 and a 52-week high of $19.33.

Granite Point Mortgage Trust (NYSE:GPMT) last announced its quarterly earnings data on Monday, August 6th. The company reported $0.38 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.38. The company had revenue of $22.84 million for the quarter, compared to analysts’ expectations of $41.20 million. Granite Point Mortgage Trust had a return on equity of 6.87% and a net margin of 36.50%. On average, analysts forecast that Granite Point Mortgage Trust will post 1.54 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, October 18th. Shareholders of record on Tuesday, October 2nd were paid a $0.42 dividend. This is a boost from Granite Point Mortgage Trust’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 9.01%. The ex-dividend date was Monday, October 1st.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust Inc 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. As of December 31, 2017, its investment portfolio includes 61 commercial real estate debt investments.

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Analyst Recommendations for Granite Point Mortgage Trust (NYSE:GPMT)

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