Raymond James Financial Inc. Invests $634,000 in Granite Point Mortgage Trust Inc. (NYSE:GPMT)

Raymond James Financial Inc. bought a new stake in Granite Point Mortgage Trust Inc. (NYSE:GPMT) during the fourth quarter, HoldingsChannel.com reports. The fund bought 227,226 shares of the company’s stock, valued at approximately $634,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wolverine Asset Management LLC increased its stake in shares of Granite Point Mortgage Trust by 209.2% in the fourth quarter. Wolverine Asset Management LLC now owns 493,848 shares of the company’s stock valued at $1,378,000 after buying an additional 334,109 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Granite Point Mortgage Trust by 121.4% during the third quarter. JPMorgan Chase & Co. now owns 281,251 shares of the company’s stock valued at $892,000 after purchasing an additional 154,202 shares during the period. Barclays PLC increased its stake 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 purchasing an additional 45,323 shares in the last quarter. Jane Street Group LLC boosted its position in shares of Granite Point Mortgage Trust by 28.3% during the third quarter. Jane Street Group LLC now owns 110,362 shares of the company’s stock worth $350,000 after buying an additional 24,313 shares during the period. Finally, FMR LLC increased its stake in Granite Point Mortgage Trust by 237.2% in the 3rd quarter. FMR LLC now owns 8,296 shares of the company’s stock valued at $26,000 after buying an additional 5,836 shares during the last quarter. Institutional investors own 51.63% of the company’s stock.

Granite Point Mortgage Trust Trading Down 8.6 %

GPMT stock opened at $2.19 on Monday. The firm has a 50 day moving average of $2.82 and a 200-day moving average of $2.99. Granite Point Mortgage Trust Inc. has a 12 month low of $2.16 and a 12 month high of $4.55. The firm has a market capitalization of $106.74 million, a P/E ratio of -0.50 and a beta of 1.46.

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

Granite Point Mortgage Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be paid a $0.05 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $0.20 annualized dividend and a dividend yield of 9.15%. Granite Point Mortgage Trust’s payout ratio is currently -4.56%.

Wall Street Analyst Weigh In

GPMT has been the topic of a number of research reports. UBS Group decreased their price target on shares of Granite Point Mortgage Trust from $3.75 to $3.50 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. JMP Securities reissued a “market perform” rating on shares of Granite Point Mortgage Trust in a report on Tuesday, February 18th. Finally, Keefe, Bruyette & Woods upgraded shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $3.00 to $3.25 in a report on Tuesday, December 10th.

Insiders Place Their Bets

In other news, Director Patrick Gregory Halter acquired 34,001 shares of Granite Point Mortgage Trust stock in a transaction on Tuesday, February 25th. The shares were acquired at an average price of $2.80 per share, with a total value of $95,202.80. Following the purchase, the director now directly owns 34,001 shares in the company, valued at $95,202.80. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders bought 34,770 shares of company stock valued at $108,849. Insiders own 2.30% of the company’s stock.

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.