Granite Point Mortgage Trust Inc. (NYSE:GPMT) Receives $2.83 Average Price Target from Analysts

Granite Point Mortgage Trust Inc. (NYSE:GPMT) has earned a consensus recommendation of “Hold” from the five brokerages that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $2.6833.

Several equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods decreased their price objective on Granite Point Mortgage Trust from $2.75 to $2.50 and set a “market perform” rating for the company in a research note on Thursday, January 8th. Zacks Research raised shares of Granite Point Mortgage Trust to a “hold” rating in a report on Friday, December 19th. Compass Point set a $2.05 price target on shares of Granite Point Mortgage Trust in a report on Friday. Weiss Ratings reissued a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Thursday, January 22nd. Finally, Wall Street Zen upgraded shares of Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a report on Saturday, November 8th.

Granite Point Mortgage Trust Trading Down 1.7%

Granite Point Mortgage Trust stock opened at $1.98 on Wednesday. The firm has a market capitalization of $93.63 million, a P/E ratio of -1.70 and a beta of 1.71. Granite Point Mortgage Trust has a twelve month low of $1.61 and a twelve month high of $3.16. The stock’s fifty day simple moving average is $2.36 and its 200-day simple moving average is $2.65.

Granite Point Mortgage Trust (NYSE:GPMT) last released its earnings results on Wednesday, February 11th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.10. Granite Point Mortgage Trust had a negative return on equity of 15.52% and a negative net margin of 31.24%.The firm had revenue of $10.55 million during the quarter, compared to analysts’ expectations of $10.22 million. Sell-side analysts predict that Granite Point Mortgage Trust will post -2.75 earnings per share for the current year.

Granite Point Mortgage Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Tuesday, December 30th were paid a $0.05 dividend. The ex-dividend date was Tuesday, December 30th. This represents a $0.20 dividend on an annualized basis and a yield of 10.1%. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is currently -13.89%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Marshall Wace LLP increased its holdings in shares of Granite Point Mortgage Trust by 9,425.4% in the 2nd quarter. Marshall Wace LLP now owns 1,007,221 shares of the company’s stock valued at $2,488,000 after acquiring an additional 996,647 shares during the last quarter. Jane Street Group LLC boosted its holdings in Granite Point Mortgage Trust by 1,020.8% in the second quarter. Jane Street Group LLC now owns 720,441 shares of the company’s stock valued at $1,779,000 after purchasing an additional 656,164 shares in the last quarter. Truffle Hound Capital LLC purchased a new position in Granite Point Mortgage Trust in the second quarter valued at approximately $988,000. Two Sigma Investments LP purchased a new position in Granite Point Mortgage Trust in the third quarter valued at approximately $560,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Granite Point Mortgage Trust during the third quarter worth approximately $528,000. 51.63% of the stock is owned by institutional investors and hedge funds.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust, Inc is a specialty finance company that invests directly in commercial real estate debt. The company focuses on originating, acquiring and managing senior preferred and mezzanine loans secured by income-producing real estate across diverse property types, including multifamily, office, industrial and retail assets. Granite Point Mortgage Trust operates as a real estate investment trust (REIT), providing investors with exposure to floating-rate commercial mortgage loan investments.

Granite Point’s investment strategy centers on structuring loans to deliver attractive risk-adjusted returns, with portfolio allocations spanning senior loans, B-notes and mezzanine financings.