Keefe, Bruyette & Woods Cuts Granite Point Mortgage Trust (NYSE:GPMT) Price Target to $1.25

Granite Point Mortgage Trust (NYSE:GPMT) had its price objective lowered by equities research analysts at Keefe, Bruyette & Woods from $1.50 to $1.25 in a report released on Wednesday,Benzinga reports. The firm currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 1.62% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Compass Point set a $1.25 target price on shares of Granite Point Mortgage Trust in a report on Wednesday. Wall Street Zen cut shares of Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Friday, July 17th. Finally, UBS Group started coverage on Granite Point Mortgage Trust in a report on Thursday, July 16th. They issued a “neutral” rating and a $1.50 price objective on the stock. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $1.33.

Granite Point Mortgage Trust Stock Down 1.6%

Shares of NYSE GPMT traded down $0.02 during mid-day trading on Wednesday, hitting $1.23. 71,120 shares of the company were exchanged, compared to its average volume of 177,732. The stock has a 50 day simple moving average of $1.40 and a 200-day simple moving average of $1.56. Granite Point Mortgage Trust has a 1-year low of $1.19 and a 1-year high of $3.12. The firm has a market cap of $59.29 million, a price-to-earnings ratio of -0.61 and a beta of 1.61.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings data 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). The firm had revenue of $8.27 million during the quarter, compared to analysts’ expectations of $7.85 million. Granite Point Mortgage Trust had a negative net margin of 73.75% and a negative return on equity of 10.25%. Analysts anticipate that Granite Point Mortgage Trust will post -0.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Granite Point Mortgage Trust

A number of large investors have recently made changes to their positions in the stock. LPL Financial LLC acquired a new stake in shares of Granite Point Mortgage Trust in the fourth quarter valued at about $25,000. Advisory Services Network LLC acquired a new position in Granite Point Mortgage Trust during the third quarter worth about $26,000. B. Riley Wealth Advisors Inc. purchased a new position in Granite Point Mortgage Trust in the second quarter valued at about $28,000. Jump Financial LLC purchased a new position in Granite Point Mortgage Trust in the second quarter valued at about $31,000. Finally, Hudson Bay Capital Management LP acquired a new stake in shares of Granite Point Mortgage Trust during the 2nd quarter valued at approximately $31,000. Hedge funds and other institutional investors own 51.63% of the company’s stock.

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.