Granite Point Mortgage Trust’s (GPMT) Market Perform Rating Reiterated at JMP Securities

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

GPMT has been the topic of several other reports. UBS Group raised their target price on Granite Point Mortgage Trust from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Keefe, Bruyette & Woods raised shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and raised their price objective for the stock from $3.00 to $3.25 in a research note on Tuesday, December 10th.

Granite Point Mortgage Trust Trading Down 3.6 %

Shares of GPMT stock traded down $0.11 during trading hours on Tuesday, hitting $2.80. The company’s stock had a trading volume of 78,805 shares, compared to its average volume of 351,163. The stock has a market cap of $139.64 million, a PE ratio of -0.73 and a beta of 1.86. Granite Point Mortgage Trust has a 12-month low of $2.46 and a 12-month high of $5.01. The company has a 50 day moving average of $2.95 and a 200 day moving average of $2.96.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly 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). The business had revenue of $7.57 million during the quarter, compared to analysts’ expectations of $7.90 million. Granite Point Mortgage Trust had a negative net margin of 87.21% and a positive return on equity of 0.95%. As a group, analysts anticipate that Granite Point Mortgage Trust will post -2.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Several institutional investors and hedge funds have recently modified their holdings of the business. Graham Capital Management L.P. grew its holdings in Granite Point Mortgage Trust by 13.9% in the fourth 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 during the period. Corient Private Wealth LLC lifted its position in shares of Granite Point Mortgage Trust by 10.5% during the 4th quarter. Corient Private Wealth LLC now owns 47,666 shares of the company’s stock valued at $133,000 after buying an additional 4,511 shares in the last quarter. FMR LLC grew 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 acquiring an additional 5,836 shares during the period. MetLife Investment Management LLC increased its holdings in Granite Point Mortgage Trust by 104.8% in the 4th quarter. MetLife Investment Management LLC now owns 12,676 shares of the company’s stock worth $35,000 after acquiring an additional 6,487 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in Granite Point Mortgage Trust by 23.7% during the fourth 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 during the period. Hedge funds and other institutional investors own 51.63% of the company’s stock.

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.