JMP Securities Reaffirms Market Perform Rating for Granite Point Mortgage Trust (NYSE:GPMT)

Granite Point Mortgage Trust (NYSE:GPMT)‘s stock had its “market perform” rating reissued by stock analysts at JMP Securities in a research note issued on Tuesday,Benzinga reports.

A number of other equities research analysts also recently issued reports on GPMT. Keefe, Bruyette & Woods raised shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and boosted their price target for the company from $3.00 to $3.25 in a research note on Tuesday, December 10th. UBS Group boosted their price target on shares of Granite Point Mortgage Trust from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Friday, November 15th.

Granite Point Mortgage Trust Price Performance

Shares of GPMT stock opened at $2.85 on Tuesday. The firm’s 50-day moving average is $2.93 and its two-hundred day moving average is $2.96. Granite Point Mortgage Trust has a 12 month low of $2.46 and a 12 month high of $5.01. The company has a market capitalization of $142.13 million, a PE ratio of -0.65 and a beta of 1.86.

Granite Point Mortgage Trust (NYSE:GPMT) last issued its earnings results on Thursday, February 13th. The company reported ($1.99) EPS for the quarter, missing analysts’ consensus estimates of ($0.73) by ($1.26). The firm had revenue of $7.57 million for the quarter, compared to analysts’ expectations 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%. Sell-side analysts forecast that Granite Point Mortgage Trust will post -2.75 EPS for the current year.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its stake in Granite Point Mortgage Trust by 121.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 281,251 shares of the company’s stock worth $892,000 after buying an additional 154,202 shares during the period. Barclays PLC grew 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 acquiring an additional 45,323 shares in the last quarter. Wolverine Asset Management LLC acquired a new position in Granite Point Mortgage Trust during the 3rd quarter worth approximately $506,000. GSA Capital Partners LLP grew its holdings in 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 worth $172,000 after acquiring an additional 11,101 shares in the last quarter. Finally, FMR LLC grew its holdings in Granite Point Mortgage Trust by 237.2% during the 3rd quarter. FMR LLC now owns 8,296 shares of the company’s stock worth $26,000 after acquiring an additional 5,836 shares in the last quarter. 51.63% of the stock is owned by hedge funds and other institutional investors.

About Granite Point Mortgage Trust

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.