Granite Point Mortgage Trust (NYSE:GPMT) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Granite Point Mortgage Trust (NYSE:GPMT) from a strong sell rating to a buy rating in a research report sent to investors on Wednesday, Zacks.com reports. The brokerage currently has $13.00 target price on the stock.

According to Zacks, “Granite Point Mortgage Trust Inc. focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point Mortgage Trust Inc. is headquatered in New York, United States. “

Separately, JMP Securities restated a buy rating and issued a $15.00 price objective on shares of Granite Point Mortgage Trust in a research note on Thursday, December 23rd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Granite Point Mortgage Trust has an average rating of Buy and a consensus target price of $14.20.

NYSE:GPMT opened at $12.17 on Wednesday. The firm has a market capitalization of $654.62 million, a PE ratio of 8.63 and a beta of 1.45. The business’s fifty day moving average price is $12.25 and its 200 day moving average price is $13.28. Granite Point Mortgage Trust has a 12 month low of $9.03 and a 12 month high of $15.92.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its earnings results on Monday, November 8th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.07 by $0.02. Granite Point Mortgage Trust had a return on equity of 5.73% and a net margin of 40.65%. During the same period last year, the firm earned $0.25 EPS. On average, equities research analysts anticipate that Granite Point Mortgage Trust will post 0.88 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 18th. Shareholders of record on Friday, December 31st will be paid a $0.25 dividend. The ex-dividend date is Thursday, December 30th. This represents a $1.00 annualized dividend and a yield of 8.22%. Granite Point Mortgage Trust’s dividend payout ratio is presently 70.92%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sphinx Trading LP acquired a new stake in shares of Granite Point Mortgage Trust during the third quarter worth about $26,000. Meeder Asset Management Inc. boosted its stake in shares of Granite Point Mortgage Trust by 105.3% during the second quarter. Meeder Asset Management Inc. now owns 2,887 shares of the company’s stock worth $43,000 after buying an additional 1,481 shares during the period. Catalyst Capital Advisors LLC boosted its stake in shares of Granite Point Mortgage Trust by 32.0% during the third quarter. Catalyst Capital Advisors LLC now owns 4,410 shares of the company’s stock worth $58,000 after buying an additional 1,070 shares during the period. Penserra Capital Management LLC acquired a new stake in shares of Granite Point Mortgage Trust during the third quarter worth about $84,000. Finally, Advisory Services Network LLC acquired a new stake in shares of Granite Point Mortgage Trust during the second quarter worth about $98,000. Institutional investors own 62.25% of the company’s stock.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust, Inc operates as a real estate investment trust, which focuses on originating, investing in, and managing senior floating-rate commercial mortgage loans, other debt and debt-like commercial real estate investments. The company was founded on April 7, 2017 and is headquartered in New York, NY.

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