Granite Point Mortgage Trust (NYSE:GPMT) Price Target Cut to $3.50 by Analysts at UBS Group

Granite Point Mortgage Trust (NYSE:GPMT) had its price objective cut by UBS Group from $3.75 to $3.50 in a report published on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also commented on GPMT. JMP Securities reaffirmed a “market perform” rating on shares of Granite Point Mortgage Trust in a report on Tuesday, February 18th. Keefe, Bruyette & Woods raised Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and boosted their price objective for the company from $3.00 to $3.25 in a report on Tuesday, December 10th.

Granite Point Mortgage Trust Stock Down 1.9 %

Shares of NYSE:GPMT opened at $2.78 on Tuesday. Granite Point Mortgage Trust has a 52-week low of $2.46 and a 52-week high of $5.01. The stock has a market cap of $138.63 million, a price-to-earnings ratio of -0.63 and a beta of 1.86. The business has a 50-day moving average price of $2.89 and a 200-day moving average price of $2.97.

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 analysts’ consensus estimates 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 return on equity of 14.08% and a negative net margin of 111.59%. As a group, equities analysts anticipate that Granite Point Mortgage Trust will post -2.75 EPS for the current fiscal year.

Granite Point Mortgage Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 7.21%. The ex-dividend date was Tuesday, December 31st. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is presently -4.56%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its position in shares of Granite Point Mortgage Trust by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 1,200,175 shares of the company’s stock valued at $3,349,000 after acquiring an additional 22,335 shares during the period. Gratia Capital LLC acquired a new stake in Granite Point Mortgage Trust in the fourth quarter valued at approximately $1,953,000. Northern Trust Corp increased its position in shares of Granite Point Mortgage Trust by 13.8% in the fourth 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 in the last quarter. Wolverine Asset Management LLC raised its stake in shares of Granite Point Mortgage Trust by 209.2% during the 4th quarter. Wolverine Asset Management LLC now owns 493,848 shares of the company’s stock worth $1,378,000 after buying an additional 334,109 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Granite Point Mortgage Trust by 39.2% during the 4th quarter. JPMorgan Chase & Co. now owns 391,394 shares of the company’s stock worth $1,092,000 after buying an additional 110,143 shares during the period. 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.