Insider Selling: Granite Point Mortgage Trust (NYSE:GPMT) Director Sells 10,827 Shares of Stock

Granite Point Mortgage Trust Inc. (NYSE:GPMT) Director Tanuja Dehne sold 10,827 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $1.48, for a total transaction of $16,023.96. Following the completion of the transaction, the director directly owned 109,632 shares of the company’s stock, valued at approximately $162,255.36. The trade was a 8.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Granite Point Mortgage Trust Trading Down 2.0%

Shares of NYSE:GPMT traded down $0.03 during trading on Tuesday, reaching $1.45. The company’s stock had a trading volume of 187,324 shares, compared to its average volume of 180,236. Granite Point Mortgage Trust Inc. has a 12 month low of $1.24 and a 12 month high of $3.12. The firm’s 50 day simple moving average is $1.44 and its two-hundred day simple moving average is $1.93. The stock has a market capitalization of $69.48 million, a PE ratio of -1.36 and a beta of 1.63.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.13. Granite Point Mortgage Trust had a negative net margin of 29.82% and a negative return on equity of 11.31%. The company had revenue of $11.22 million during the quarter, compared to analyst estimates of $7.40 million. Research analysts anticipate that Granite Point Mortgage Trust Inc. will post -0.69 EPS for the current fiscal year.

Granite Point Mortgage Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Wednesday, April 1st were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 13.8%. Granite Point Mortgage Trust’s payout ratio is currently -18.69%.

Analysts Set New Price Targets

Several brokerages have issued reports on GPMT. Weiss Ratings reissued a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Tuesday, April 21st. Wall Street Zen downgraded Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Compass Point set a $1.50 target price on Granite Point Mortgage Trust in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Granite Point Mortgage Trust currently has a consensus rating of “Hold” and an average target price of $2.50.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Large investors have recently bought and sold shares of the business. Advisory Services Network LLC bought a new position in Granite Point Mortgage Trust in the third quarter worth approximately $26,000. LPL Financial LLC bought a new position in Granite Point Mortgage Trust in the fourth quarter worth approximately $25,000. B. Riley Wealth Advisors Inc. bought a new position in Granite Point Mortgage Trust in the second quarter worth approximately $28,000. Hudson Bay Capital Management LP bought a new position in Granite Point Mortgage Trust in the second quarter worth approximately $31,000. Finally, Jump Financial LLC bought a new position in Granite Point Mortgage Trust in the second quarter worth approximately $31,000. Institutional investors own 51.63% of the company’s stock.

Granite Point Mortgage Trust Company Profile

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.