Granite Point Mortgage Trust (NYSE:GPMT) Downgraded to “Strong Sell” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Granite Point Mortgage Trust (NYSE:GPMT) from a hold rating to a strong sell rating in a research report released on Saturday.

Several other analysts also recently weighed in on GPMT. Keefe, Bruyette & Woods cut their price objective on shares of Granite Point Mortgage Trust from $2.75 to $2.50 and set a “market perform” rating on the stock in a research report on Thursday, January 8th. Zacks Research upgraded shares of Granite Point Mortgage Trust to a “hold” rating in a research report on Friday, December 19th. Weiss Ratings restated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Thursday, January 22nd. Finally, Compass Point set a $2.05 price target on Granite Point Mortgage Trust in a report on Friday, February 13th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $2.68.

Granite Point Mortgage Trust Price Performance

Shares of NYSE GPMT opened at $1.73 on Friday. The firm has a market capitalization of $82.04 million, a PE ratio of -1.49 and a beta of 1.71. Granite Point Mortgage Trust has a 1-year low of $1.61 and a 1-year high of $3.12. The business’s fifty day moving average price is $2.12 and its two-hundred day moving average price is $2.55.

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

Granite Point Mortgage Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Tuesday, December 30th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 11.6%. The ex-dividend date of this dividend was Tuesday, December 30th. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is -17.24%.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Several hedge funds have recently made changes to their positions in the company. XTX Topco Ltd grew its position in Granite Point Mortgage Trust by 156.8% during the 4th quarter. XTX Topco Ltd now owns 97,558 shares of the company’s stock worth $234,000 after purchasing an additional 59,570 shares in the last quarter. Engineers Gate Manager LP lifted its holdings in shares of Granite Point Mortgage Trust by 18.5% in the fourth quarter. Engineers Gate Manager LP now owns 39,007 shares of the company’s stock valued at $94,000 after purchasing an additional 6,102 shares in the last quarter. 683 Capital Management LLC purchased a new stake in shares of Granite Point Mortgage Trust in the fourth quarter valued at $440,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Granite Point Mortgage Trust in the fourth quarter worth $85,000. Finally, Barclays PLC boosted its position in shares of Granite Point Mortgage Trust by 112.3% in the fourth quarter. Barclays PLC now owns 95,931 shares of the company’s stock worth $230,000 after buying an additional 50,747 shares during the period. Hedge funds and other institutional investors own 51.63% of the company’s stock.

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.