Granite Point Mortgage Trust (NYSE:GPMT) Stock Price Down 2.5% – Here’s Why

by · The Cerbat Gem

Shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT – Get Free Report) were down 2.5% during trading on Monday . The company traded as low as $2.57 and last traded at $2.5850. Approximately 286,750 shares changed hands during mid-day trading, an increase of 113% from the average daily volume of 134,878 shares. The stock had previously closed at $2.65.

Analysts Set New Price Targets

GPMT has been the topic of a number of research reports. UBS Group increased their price target on Granite Point Mortgage Trust from $3.25 to $3.50 and gave the stock a “buy” rating in a research report on Wednesday, August 20th. Wall Street Zen upgraded Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods reduced their price target on shares of Granite Point Mortgage Trust from $3.00 to $2.75 and set a “market perform” rating for the company in a report on Tuesday, November 11th. Finally, Compass Point set a $3.00 price target on shares of Granite Point Mortgage Trust in a research report on Thursday, October 9th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Granite Point Mortgage Trust has an average rating of “Hold” and an average target price of $3.08.

Check Out Our Latest Report on Granite Point Mortgage Trust

Granite Point Mortgage Trust Stock Performance

The stock has a market capitalization of $122.55 million, a P/E ratio of -1.80 and a beta of 1.73. The business has a 50 day simple moving average of $2.72 and a 200-day simple moving average of $2.72.

Granite Point Mortgage Trust (NYSE:GPMT – Get Free Report) last announced its quarterly earnings data on Wednesday, May 25th. The company reported $0.38 earnings per share for the quarter. Granite Point Mortgage Trust had a negative return on equity of 30.39% and a negative net margin of 39.73%.The business had revenue of $27.77 million during the quarter. Equities research analysts forecast that Granite Point Mortgage Trust Inc. will post -2.75 EPS for the current fiscal year.

Granite Point Mortgage Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st were given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 7.7%. The ex-dividend date was Wednesday, October 1st. Granite Point Mortgage Trust’s dividend payout ratio is -13.89%.

Insider Buying and Selling at Granite Point Mortgage Trust

In other news, Director Hope B. Woodhouse sold 14,674 shares of the stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $2.70, for a total value of $39,619.80. Following the completion of the sale, the director directly owned 94,423 shares of the company’s stock, valued at $254,942.10. This represents a 13.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GPMT. Investment Research Partners LLC acquired a new position in Granite Point Mortgage Trust during the third quarter worth $137,000. Advisory Services Network LLC acquired a new stake in shares of Granite Point Mortgage Trust in the third quarter worth about $26,000. Susquehanna International Group LLP boosted its stake in shares of Granite Point Mortgage Trust by 15.4% during the 3rd quarter. Susquehanna International Group LLP now owns 307,963 shares of the company’s stock worth $924,000 after acquiring an additional 41,016 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Granite Point Mortgage Trust by 32.1% during the 3rd quarter. Bank of America Corp DE now owns 66,148 shares of the company’s stock valued at $198,000 after acquiring an additional 16,089 shares during the last quarter. Finally, Two Sigma Investments LP acquired a new position in shares of Granite Point Mortgage Trust during the 3rd quarter valued at about $560,000. Institutional investors own 51.63% of the company’s stock.

About Granite Point Mortgage Trust

(Get Free Report)

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.

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