Granite Point Mortgage Trust (NYSE:GPMT) Price Target Cut to $2.50 by Analysts at UBS Group

Granite Point Mortgage Trust (NYSE:GPMT) had its price objective lowered by UBS Group from $3.50 to $2.50 in a report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

GPMT has been the topic of a number of other research reports. Keefe, Bruyette & Woods cut their price target 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 Monday, April 7th. JMP Securities restated a “market perform” rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, February 18th.

Granite Point Mortgage Trust Trading Down 3.6 %

Shares of GPMT stock opened at $1.76 on Wednesday. Granite Point Mortgage Trust has a 1-year low of $1.72 and a 1-year high of $4.54. The stock has a market cap of $85.73 million, a price-to-earnings ratio of -0.40 and a beta of 1.46. The stock has a 50-day moving average of $2.62 and a 200-day moving average of $2.91.

Granite Point Mortgage Trust (NYSE:GPMT) last released its earnings results on Thursday, February 13th. The company reported ($1.99) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.73) by ($1.26). The firm had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.90 million. Granite Point Mortgage Trust had a negative net margin of 111.59% and a negative return on equity of 14.08%. Sell-side analysts forecast that Granite Point Mortgage Trust will post -2.75 earnings per share for the current year.

Granite Point Mortgage Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 11.40%. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is presently -4.56%.

Insider Activity

In other news, Director Patrick Gregory Halter bought 34,001 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were bought at an average cost of $2.80 per share, for a total transaction of $95,202.80. Following the acquisition, the director now directly owns 34,001 shares in the company, valued at approximately $95,202.80. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders bought a total of 34,770 shares of company stock worth $108,849 in the last three months. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GPMT. Gratia Capital LLC bought a new stake in shares of Granite Point Mortgage Trust during the fourth quarter worth about $1,953,000. Epiq Partners LLC lifted its holdings in shares of Granite Point Mortgage Trust by 128.1% in the first quarter. Epiq Partners LLC now owns 1,241,150 shares of the company’s stock valued at $3,227,000 after purchasing an additional 696,925 shares in the last quarter. Wolverine Asset Management LLC grew its holdings in Granite Point Mortgage Trust by 209.2% during the fourth quarter. Wolverine Asset Management LLC now owns 493,848 shares of the company’s stock worth $1,378,000 after buying an additional 334,109 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Granite Point Mortgage Trust in the 4th quarter valued at $634,000. Finally, JPMorgan Chase & Co. lifted its stake in Granite Point Mortgage Trust by 121.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 281,251 shares of the company’s stock valued at $892,000 after acquiring an additional 154,202 shares in the last quarter. Institutional investors and hedge funds own 51.63% of the company’s stock.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc, a real estate investment trust, originates, invests in, and manages senior floating-rate commercial mortgage loans, and other debt and debt-like commercial real estate investments in the United States. The company provides intermediate-term bridge or transitional financing for various purposes, including acquisitions, recapitalizations, and refinancing, as well as a range of business plans, including lease-up, renovation, repositioning, and repurposing of the commercial property.