Granite Point Mortgage Trust Inc. (NYSE:GPMT) Receives Average Rating of “Hold” from Brokerages

Granite Point Mortgage Trust Inc. (NYSE:GPMT) has earned a consensus rating of “Hold” from the five analysts that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and one has issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $3.0833.

GPMT has been the topic of several research reports. Wall Street Zen raised Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Keefe, Bruyette & Woods lowered their target price on shares of Granite Point Mortgage Trust from $3.00 to $2.75 and set a “market perform” rating for the company in a research note on Tuesday, November 11th. Compass Point set a $3.00 price target on shares of Granite Point Mortgage Trust in a research report on Thursday, October 9th. Zacks Research raised shares of Granite Point Mortgage Trust to a “hold” rating in a report on Friday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Wednesday, October 8th.

Granite Point Mortgage Trust Stock Performance

Shares of Granite Point Mortgage Trust stock opened at $2.49 on Tuesday. Granite Point Mortgage Trust has a 1 year low of $1.61 and a 1 year high of $3.19. The firm’s 50-day simple moving average is $2.70 and its 200-day simple moving average is $2.72. The firm has a market cap of $117.81 million, a PE ratio of -1.73 and a beta of 1.73.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings results on Wednesday, May 25th. The company reported $0.38 EPS for the quarter. Granite Point Mortgage Trust had a negative return on equity of 30.39% and a negative net margin of 39.73%.The business had revenue of $27.77 million during the quarter. On average, equities analysts predict that Granite Point Mortgage Trust will post -2.75 earnings per share for the current year.

Granite Point Mortgage Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Tuesday, December 30th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 8.0%. The ex-dividend date is Tuesday, December 30th. Granite Point Mortgage Trust’s dividend payout ratio is presently -13.89%.

Insiders Place Their Bets

In other Granite Point Mortgage Trust news, Director Hope B. Woodhouse sold 14,674 shares of the firm’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $2.70, for a total value of $39,619.80. Following the sale, the director directly owned 94,423 shares in the company, valued at approximately $254,942.10. This trade represents a 13.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 3.10% of the stock is owned by corporate insiders.

Institutional Trading of Granite Point Mortgage Trust

Several hedge funds have recently bought and sold shares of the company. Abundance Wealth Counselors increased its position in Granite Point Mortgage Trust by 4.0% in the 3rd quarter. Abundance Wealth Counselors now owns 187,119 shares of the company’s stock valued at $561,000 after acquiring an additional 7,204 shares during the period. Advisory Services Network LLC acquired a new position in shares of Granite Point Mortgage Trust during the third quarter valued at $26,000. MetLife Investment Management LLC increased its holdings in shares of Granite Point Mortgage Trust by 68.3% during the first quarter. MetLife Investment Management LLC now owns 21,334 shares of the company’s stock valued at $55,000 after purchasing an additional 8,658 shares during the period. May Hill Capital LLC bought a new stake in shares of Granite Point Mortgage Trust during the second quarter valued at about $28,000. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in Granite Point Mortgage Trust in the second quarter worth about $28,000. 51.63% of the stock is currently owned by institutional investors.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust, Inc is a specialty finance company that invests directly in commercial real estate debt. The company focuses on originating, acquiring and managing senior preferred and mezzanine loans secured by income-producing real estate across diverse property types, including multifamily, office, industrial and retail assets. Granite Point Mortgage Trust operates as a real estate investment trust (REIT), providing investors with exposure to floating-rate commercial mortgage loan investments.

Granite Point’s investment strategy centers on structuring loans to deliver attractive risk-adjusted returns, with portfolio allocations spanning senior loans, B-notes and mezzanine financings.