Granite Point Mortgage Trust (NYSE:GPMT) Shares Scheduled to Reverse Split on Tuesday, October 6th

Shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT) are scheduled to reverse split on Tuesday, October 6th. The 1-10 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Monday, October 5th.

Granite Point Mortgage Trust Stock Up 11.8%

GPMT stock traded up $0.10 during trading on Thursday, hitting $0.94. 345,457 shares of the company’s stock traded hands, compared to its average volume of 200,320. The stock has a market capitalization of $45.12 million, a price-to-earnings ratio of -0.47 and a beta of 1.58. Granite Point Mortgage Trust has a 52 week low of $0.81 and a 52 week high of $3.03. The stock has a fifty day moving average price of $1.15 and a two-hundred day moving average price of $1.35.

Granite Point Mortgage Trust (NYSE:GPMT) last issued its earnings results on Wednesday, August 5th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.40). Granite Point Mortgage Trust had a negative return on equity of 10.25% and a negative net margin of 73.75%.The business had revenue of $8.27 million for the quarter, compared to analyst estimates of $7.85 million. As a group, equities research analysts expect that Granite Point Mortgage Trust will post -1.53 EPS for the current fiscal year.

Granite Point Mortgage Trust Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, October 1st will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.04 dividend on an annualized basis and a dividend yield of 4.3%. This is a drop from Granite Point Mortgage Trust’s previous quarterly dividend of $0.05. Granite Point Mortgage Trust’s payout ratio is currently -9.95%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Wall Street Zen cut shares of Granite Point Mortgage Trust to a “strong sell” rating in a report on Saturday, August 15th. Zacks Research lowered Granite Point Mortgage Trust from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Friday, July 17th. UBS Group began coverage on Granite Point Mortgage Trust in a report on Thursday, July 16th. They issued a “neutral” rating and a $1.50 price target on the stock. Finally, Keefe, Bruyette & Woods reduced their price objective on Granite Point Mortgage Trust from $1.50 to $1.25 and set a “market perform” rating for the company in a research report on Wednesday, August 12th. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Granite Point Mortgage Trust presently has a consensus rating of “Reduce” and an average target price of $1.33.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Sei Investments Co. lifted its holdings in Granite Point Mortgage Trust by 140.5% in the first quarter. Sei Investments Co. now owns 87,167 shares of the company’s stock worth $126,000 after purchasing an additional 50,926 shares during the period. Cura Wealth Advisors LLC increased its stake in Granite Point Mortgage Trust by 0.5% during the 1st quarter. Cura Wealth Advisors LLC now owns 1,905,078 shares of the company’s stock valued at $2,762,000 after buying an additional 10,412 shares during the period. Quantum Portfolio Management LLC acquired a new position in Granite Point Mortgage Trust during the 1st quarter valued at about $66,580,000. Finally, Purpose Unlimited Inc. acquired a new position in Granite Point Mortgage Trust during the 4th quarter valued at about $2,082,000. Institutional investors own 51.63% of the company’s stock.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc (NYSE:GPMT) is a real estate investment trust focused on commercial real estate finance. The company originates, invests in and manages commercial real estate debt investments, with an emphasis on floating-rate senior mortgage loans secured by properties in the United States.

Granite Point generally provides financing for transitional commercial properties—assets that may require leasing, renovation, redevelopment or other improvements before reaching stabilized operating performance.