Shares of Granite Point Mortgage Trust Inc (NYSE:GPMT) have been given an average rating of “Hold” by the seven brokerages that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation, one has assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $19.40.

GPMT has been the subject of a number of research reports. Zacks Investment Research downgraded Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a research note on Wednesday, July 11th. JPMorgan Chase & Co. lifted their price target on Granite Point Mortgage Trust from $18.00 to $19.00 and gave the stock a “$18.48” rating in a research note on Monday, July 23rd. Keefe, Bruyette & Woods downgraded Granite Point Mortgage Trust from an “outperform” rating to a “market perform” rating in a research note on Monday, July 30th. They noted that the move was a valuation call. Finally, Compass Point restated a “buy” rating and issued a $20.00 target price on shares of Granite Point Mortgage Trust in a research note on Tuesday, August 7th.

In other Granite Point Mortgage Trust news, General Counsel Rebecca B. Sandberg sold 1,474 shares of Granite Point Mortgage Trust stock in a transaction that occurred on Monday, June 25th. The stock was sold at an average price of $18.69, for a total value of $27,549.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.10% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. KBC Group NV boosted its stake in Granite Point Mortgage Trust by 18.7% in the first quarter. KBC Group NV now owns 20,635 shares of the company’s stock valued at $341,000 after acquiring an additional 3,246 shares during the period. SG Americas Securities LLC acquired a new position in Granite Point Mortgage Trust in the first quarter valued at approximately $110,000. Wedbush Securities Inc. boosted its stake in Granite Point Mortgage Trust by 44.2% in the second quarter. Wedbush Securities Inc. now owns 21,826 shares of the company’s stock valued at $401,000 after acquiring an additional 6,694 shares during the period. Northern Trust Corp boosted its stake in Granite Point Mortgage Trust by 1.5% in the first quarter. Northern Trust Corp now owns 618,882 shares of the company’s stock valued at $10,235,000 after acquiring an additional 8,966 shares during the period. Finally, Yorktown Management & Research Co Inc boosted its stake in Granite Point Mortgage Trust by 3.8% in the second quarter. Yorktown Management & Research Co Inc now owns 269,947 shares of the company’s stock valued at $4,954,000 after acquiring an additional 10,000 shares during the period. Institutional investors own 65.08% of the company’s stock.

NYSE:GPMT traded up $0.32 during mid-day trading on Monday, reaching $19.32. The stock had a trading volume of 911,293 shares, compared to its average volume of 270,099. The company has a market capitalization of $825.67 million, a price-to-earnings ratio of 14.50, a price-to-earnings-growth ratio of 0.57 and a beta of 0.07. Granite Point Mortgage Trust has a 1-year low of $16.15 and a 1-year high of $19.33. The company has a debt-to-equity ratio of 0.96, a quick ratio of 35.46 and a current ratio of 35.46.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings results on Monday, August 6th. The company reported $0.38 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.38. The business had revenue of $22.84 million during the quarter, compared to the consensus estimate of $41.20 million. Granite Point Mortgage Trust had a return on equity of 6.87% and a net margin of 36.50%. equities research analysts forecast that Granite Point Mortgage Trust will post 1.54 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 18th. Shareholders of record on Tuesday, October 2nd will be paid a $0.42 dividend. This is an increase from Granite Point Mortgage Trust’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 8.70%. The ex-dividend date is Monday, October 1st.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust Inc 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. As of December 31, 2017, its investment portfolio includes 61 commercial real estate debt investments.

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Analyst Recommendations for Granite Point Mortgage Trust (NYSE:GPMT)

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