Patrick Gregory Halter Purchases 34,001 Shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT) Stock

Granite Point Mortgage Trust Inc. (NYSE:GPMT) Director Patrick Gregory Halter acquired 34,001 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was purchased at an average cost 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 approximately $95,202.80. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Granite Point Mortgage Trust Stock Performance

Granite Point Mortgage Trust stock opened at $2.86 on Friday. The firm’s 50 day moving average price is $2.88 and its two-hundred day moving average price is $2.97. The firm has a market cap of $142.63 million, a PE ratio of -0.65 and a beta of 1.86. Granite Point Mortgage Trust Inc. has a twelve month low of $2.46 and a twelve month high of $5.01.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($1.99) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.73) by ($1.26). The company had revenue of $7.57 million during the quarter, compared to analyst estimates 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%. Equities analysts anticipate that Granite Point Mortgage Trust Inc. will post -2.75 EPS for the current fiscal year.

Granite Point Mortgage Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.20 dividend on an annualized basis and a yield of 7.01%. Granite Point Mortgage Trust’s dividend payout ratio is currently -4.56%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC boosted its holdings in Granite Point Mortgage Trust by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 1,200,175 shares of the company’s stock worth $3,349,000 after purchasing an additional 22,335 shares in the last quarter. Gratia Capital LLC acquired a new stake in shares of Granite Point Mortgage Trust in the fourth quarter worth about $1,953,000. Northern Trust Corp lifted 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 worth $1,469,000 after buying an additional 63,970 shares during the last quarter. Wolverine Asset Management LLC boosted 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 acquiring an additional 334,109 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings 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 valued at $1,092,000 after acquiring an additional 110,143 shares during the last quarter. Institutional investors own 51.63% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.