Cresset Asset Management LLC Has $86,000 Position in Granite Point Mortgage Trust Inc. (NYSE:GPMT)

Cresset Asset Management LLC lowered its holdings in shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT) by 85.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,700 shares of the company’s stock after selling 180,570 shares during the quarter. Cresset Asset Management LLC owned 0.06% of Granite Point Mortgage Trust worth $86,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Bank of America Corp DE raised its position in Granite Point Mortgage Trust by 111.1% in the 4th quarter. Bank of America Corp DE now owns 64,806 shares of the company’s stock valued at $181,000 after buying an additional 34,103 shares during the last quarter. Jane Street Group LLC raised its position in Granite Point Mortgage Trust by 120.4% in the 4th quarter. Jane Street Group LLC now owns 243,265 shares of the company’s stock valued at $679,000 after buying an additional 132,903 shares during the last quarter. Northern Trust Corp raised its position in Granite Point Mortgage Trust by 13.8% in the 4th quarter. Northern Trust Corp now owns 526,465 shares of the company’s stock valued at $1,469,000 after buying an additional 63,970 shares during the last quarter. Gratia Capital LLC acquired a new stake in Granite Point Mortgage Trust in the 4th quarter valued at approximately $1,953,000. Finally, Tower Research Capital LLC TRC raised its position in Granite Point Mortgage Trust by 190.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 14,786 shares of the company’s stock valued at $41,000 after buying an additional 9,697 shares during the last quarter. Institutional investors and hedge funds own 51.63% of the company’s stock.

Wall Street Analysts Forecast Growth

GPMT has been the topic of a number of recent research reports. Keefe, Bruyette & Woods dropped their target price on Granite Point Mortgage Trust from $2.50 to $2.25 and set a “market perform” rating on the stock in a research report on Wednesday, April 30th. UBS Group dropped their target price on Granite Point Mortgage Trust from $3.50 to $2.50 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Finally, JMP Securities reissued a “market perform” rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, February 18th.

Granite Point Mortgage Trust Stock Up 2.1%

NYSE:GPMT opened at $2.46 on Monday. The firm has a market capitalization of $119.08 million, a price-to-earnings ratio of -0.56 and a beta of 1.66. Granite Point Mortgage Trust Inc. has a twelve month low of $1.61 and a twelve month high of $3.66. The stock’s 50 day moving average price is $2.22 and its two-hundred day moving average price is $2.76.

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 the consensus estimate 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 business had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.90 million. As a group, analysts anticipate that Granite Point Mortgage Trust Inc. will post -2.75 earnings per share for the current year.

Granite Point Mortgage Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $0.20 annualized dividend and a dividend yield of 8.13%. Granite Point Mortgage Trust’s dividend payout ratio is currently -6.49%.

Insider Transactions at Granite Point Mortgage Trust

In other news, Director Patrick Gregory Halter purchased 34,001 shares of Granite Point Mortgage Trust stock in a transaction that occurred on Tuesday, February 25th. The stock was acquired at an average cost of $2.80 per share, for a total transaction of $95,202.80. Following the purchase, the director now directly owns 34,001 shares of the company’s stock, valued at $95,202.80. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last three months, insiders acquired 34,770 shares of company stock worth $108,849. 2.30% of the stock is owned by company insiders.

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.