Granite Point Mortgage Trust (NYSE:GPMT) Stock Crosses Below 50 Day Moving Average – Here’s What Happened

Granite Point Mortgage Trust Inc. (NYSE:GPMT)’s share price crossed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $1.28 and traded as low as $1.04. Granite Point Mortgage Trust shares last traded at $1.0501, with a volume of 561,487 shares changing hands.

Wall Street Analysts Forecast Growth

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

Granite Point Mortgage Trust Price Performance

The business has a fifty day moving average price of $1.28 and a two-hundred day moving average price of $1.43. The firm has a market cap of $50.61 million, a PE ratio of -0.52 and a beta of 1.58.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate 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 company had revenue of $8.27 million for the quarter, compared to analyst estimates of $7.85 million. As a group, sell-side analysts forecast that Granite Point Mortgage Trust Inc. will post -1.53 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, July 15th. Stockholders of record on Wednesday, July 1st were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 19.0%. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is -9.95%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Advisory Services Network LLC bought a new stake in Granite Point Mortgage Trust in the third quarter worth $26,000. LPL Financial LLC bought a new position in Granite Point Mortgage Trust during the fourth quarter valued at about $25,000. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Granite Point Mortgage Trust in the second quarter worth about $28,000. Hudson Bay Capital Management LP bought a new stake in shares of Granite Point Mortgage Trust during the 2nd quarter worth about $31,000. Finally, Jump Financial LLC bought a new stake in shares of Granite Point Mortgage Trust during the 2nd quarter worth about $31,000. Institutional investors and hedge funds 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.