Granite Point Mortgage Trust’s (GPMT) “Market Perform” Rating Reiterated at JMP Securities

JMP Securities reissued their market perform rating on shares of Granite Point Mortgage Trust (NYSE:GPMT) in a research report report published on Tuesday,Benzinga reports.

Several other brokerages have also issued reports on GPMT. UBS Group raised their target price on Granite Point Mortgage Trust from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Keefe, Bruyette & Woods upgraded shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and increased their price target for the company from $3.00 to $3.25 in a research report on Tuesday, December 10th.

Granite Point Mortgage Trust Stock Performance

Granite Point Mortgage Trust stock opened at $2.98 on Tuesday. Granite Point Mortgage Trust has a fifty-two week low of $2.46 and a fifty-two week high of $5.01. The firm’s 50-day simple moving average is $2.92 and its 200 day simple moving average is $2.96. The stock has a market cap of $148.63 million, a PE ratio of -0.68 and a beta of 1.86.

Granite Point Mortgage Trust (NYSE:GPMT) last announced 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 business had revenue of $7.57 million during the quarter, compared to analysts’ expectations 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, analysts predict that Granite Point Mortgage Trust will post -2.75 EPS for the current fiscal year.

Granite Point Mortgage Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 6.72%. The ex-dividend date was Tuesday, December 31st. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is -4.56%.

Institutional Trading of Granite Point Mortgage Trust

Large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its stake in shares of Granite Point Mortgage Trust by 121.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 281,251 shares of the company’s stock worth $892,000 after acquiring an additional 154,202 shares during the period. Barclays PLC lifted its holdings in Granite Point Mortgage Trust by 64.4% during the third quarter. Barclays PLC now owns 115,750 shares of the company’s stock valued at $367,000 after purchasing an additional 45,323 shares during the last quarter. Wolverine Asset Management LLC bought a new position in Granite Point Mortgage Trust during the third quarter worth about $506,000. GSA Capital Partners LLP increased its stake in shares of Granite Point Mortgage Trust by 25.7% in the third quarter. GSA Capital Partners LLP now owns 54,223 shares of the company’s stock worth $172,000 after purchasing an additional 11,101 shares in the last quarter. Finally, FMR LLC raised its position 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 purchasing an additional 5,836 shares during the period. 51.63% of the stock is owned by hedge funds and other institutional investors.

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.