Granite Point Mortgage Trust (NYSE:GPMT) Price Target Lowered to $2.50 at Keefe, Bruyette & Woods

Granite Point Mortgage Trust (NYSE:GPMT) had its price objective lowered by Keefe, Bruyette & Woods from $2.75 to $2.50 in a research note published on Monday morning,Benzinga reports. The firm currently has a market perform rating on the stock.

Several other equities analysts have also weighed in on GPMT. UBS Group reduced their price objective on 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 reaffirmed a “market perform” rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, February 18th.

Granite Point Mortgage Trust Stock Performance

Granite Point Mortgage Trust stock opened at $2.00 on Monday. Granite Point Mortgage Trust has a 1 year low of $1.96 and a 1 year high of $4.55. The firm has a 50 day moving average price of $2.80 and a 200 day moving average price of $2.99. The company has a market cap of $97.46 million, a price-to-earnings ratio of -0.45 and a beta of 1.46.

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

Granite Point Mortgage Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 10.03%. The ex-dividend date is Tuesday, April 1st. Granite Point Mortgage Trust’s payout ratio is -4.56%.

Insider Buying and Selling

In other Granite Point Mortgage Trust news, Director Patrick Gregory Halter bought 34,001 shares of the stock in a transaction dated Tuesday, February 25th. The stock was bought at an average cost of $2.80 per share, for a total transaction of $95,202.80. Following the completion of the purchase, the director now directly owns 34,001 shares of the company’s stock, valued at approximately $95,202.80. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders have purchased 34,770 shares of company stock valued at $108,849. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Graham Capital Management L.P. raised its position in shares of Granite Point Mortgage Trust by 13.9% in the 4th quarter. Graham Capital Management L.P. now owns 32,850 shares of the company’s stock valued at $92,000 after purchasing an additional 4,015 shares in the last quarter. Corient Private Wealth LLC increased its stake in shares of Granite Point Mortgage Trust by 10.5% in the fourth quarter. Corient Private Wealth LLC now owns 47,666 shares of the company’s stock worth $133,000 after buying an additional 4,511 shares during the last quarter. FMR LLC raised its holdings in Granite Point Mortgage Trust by 237.2% in the third quarter. FMR LLC now owns 8,296 shares of the company’s stock valued at $26,000 after acquiring an additional 5,836 shares in the last quarter. MetLife Investment Management LLC boosted its stake in Granite Point Mortgage Trust by 104.8% during the 4th quarter. MetLife Investment Management LLC now owns 12,676 shares of the company’s stock valued at $35,000 after acquiring an additional 6,487 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in Granite Point Mortgage Trust by 23.7% during the 4th quarter. Wells Fargo & Company MN now owns 34,395 shares of the company’s stock worth $96,000 after acquiring an additional 6,599 shares in the last quarter. Hedge funds and other institutional investors own 51.63% 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.