UBS Group Issues Pessimistic Forecast for Granite Point Mortgage Trust (NYSE:GPMT) Stock Price

Granite Point Mortgage Trust (NYSE:GPMT) had its price target dropped by research analysts at UBS Group from $3.75 to $3.50 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s price target points to a potential upside of 24.78% from the stock’s current price.

A number of other research analysts have also recently commented on GPMT. JMP Securities restated a “market perform” rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, February 18th. Keefe, Bruyette & Woods raised shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and raised their target price for the company from $3.00 to $3.25 in a report on Tuesday, December 10th.

Granite Point Mortgage Trust Stock Down 0.9 %

Shares of NYSE GPMT traded down $0.03 during mid-day trading on Tuesday, reaching $2.81. 41,147 shares of the company were exchanged, compared to its average volume of 368,372. The stock has a market capitalization of $140.13 million, a P/E ratio of -0.64 and a beta of 1.86. The company’s 50-day simple moving average is $2.90 and its 200-day simple moving average is $2.97. Granite Point Mortgage Trust has a twelve month low of $2.46 and a twelve month high of $5.01.

Granite Point Mortgage Trust (NYSE:GPMT) last issued its quarterly earnings data on Thursday, February 13th. The company reported ($1.99) earnings per share (EPS) 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 the consensus estimate of $7.90 million. Granite Point Mortgage Trust had a negative return on equity of 14.08% and a negative net margin of 111.59%. As a group, equities research analysts expect that Granite Point Mortgage Trust will post -2.75 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. FMR LLC increased its stake in shares of Granite Point Mortgage Trust by 237.2% in the third quarter. FMR LLC now owns 8,296 shares of the company’s stock valued at $26,000 after buying an additional 5,836 shares during the period. MetLife Investment Management LLC increased its position in shares of Granite Point Mortgage Trust by 104.8% during the fourth quarter. MetLife Investment Management LLC now owns 12,676 shares of the company’s stock worth $35,000 after buying an additional 6,487 shares during the period. ProShare Advisors LLC acquired a new stake in Granite Point Mortgage Trust during the 4th quarter worth about $40,000. Intech Investment Management LLC bought a new stake in shares of Granite Point Mortgage Trust in the 3rd quarter valued at $46,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Granite Point Mortgage Trust by 190.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 14,786 shares of the company’s stock worth $41,000 after purchasing an additional 9,697 shares during the last quarter. 51.63% of the stock is owned by institutional investors.

About Granite Point Mortgage Trust

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.