Keefe, Bruyette & Woods Issues Pessimistic Forecast for Granite Point Mortgage Trust (NYSE:GPMT) Stock Price

Granite Point Mortgage Trust (NYSE:GPMT) had its price target dropped by investment analysts at Keefe, Bruyette & Woods from $3.00 to $2.75 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ target price would indicate a potential downside of 1.26% from the stock’s previous close.

A number of other brokerages have also commented on GPMT. Compass Point set a $3.00 price target on shares of Granite Point Mortgage Trust in a report on Thursday, October 9th. Wall Street Zen raised Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. UBS Group lifted their target price on Granite Point Mortgage Trust from $3.25 to $3.50 and gave the stock a “buy” rating in a report on Wednesday, August 20th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Granite Point Mortgage Trust presently has a consensus rating of “Hold” and a consensus target price of $3.08.

Granite Point Mortgage Trust Stock Up 2.0%

NYSE GPMT opened at $2.79 on Tuesday. The company has a market cap of $132.04 million, a price-to-earnings ratio of -1.93 and a beta of 1.90. Granite Point Mortgage Trust has a twelve month low of $1.61 and a twelve month high of $3.66. The business’s fifty day moving average is $2.85 and its 200 day moving average is $2.63.

Granite Point Mortgage Trust (NYSE:GPMT) last issued its earnings results on Wednesday, May 25th. The company reported $0.38 earnings per share (EPS) for the quarter. The business had revenue of $27.77 million during the quarter. Granite Point Mortgage Trust had a negative return on equity of 30.39% and a negative net margin of 39.73%. On average, research analysts anticipate that Granite Point Mortgage Trust will post -2.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Hope B. Woodhouse sold 14,674 shares of the stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $2.70, for a total transaction of $39,619.80. Following the transaction, the director owned 94,423 shares of the company’s stock, valued at $254,942.10. This represents a 13.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Granite Point Mortgage Trust

A number of institutional investors have recently modified their holdings of the company. May Hill Capital LLC acquired a new stake in Granite Point Mortgage Trust in the 2nd quarter valued at $28,000. B. Riley Wealth Advisors Inc. bought a new position in shares of Granite Point Mortgage Trust in the second quarter valued at $28,000. Confluence Wealth Services Inc. acquired a new position in shares of Granite Point Mortgage Trust during the second quarter valued at about $29,000. Hudson Bay Capital Management LP bought a new stake in shares of Granite Point Mortgage Trust during the second quarter worth about $31,000. Finally, Jump Financial LLC acquired a new stake in shares of Granite Point Mortgage Trust in the 2nd quarter worth about $31,000. 51.63% of the stock is owned by institutional investors and hedge funds.

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.