Granite Point Mortgage Trust (NYSE:GPMT)‘s stock had its “buy” rating reissued by research analysts at Compass Point in a report issued on Tuesday. They presently have a $20.00 price objective on the stock. Compass Point’s price target would indicate a potential upside of 7.24% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Zacks Investment Research cut Granite Point Mortgage Trust from a “hold” rating to a “strong sell” rating in a research note on Wednesday, April 11th. JPMorgan Chase & Co. boosted their target price on Granite Point Mortgage Trust from $18.00 to $19.00 and gave the company a “$18.48” rating in a research note on Monday, July 23rd. Finally, Keefe, Bruyette & Woods cut Granite Point Mortgage Trust from an “outperform” rating to a “market perform” rating in a research note on Monday, July 30th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, three have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $19.50.

Granite Point Mortgage Trust traded down $0.25, reaching $18.65, on Tuesday, according to MarketBeat.com. The company had a trading volume of 10,497 shares, compared to its average volume of 876,595. The company has a market capitalization of $829.15 million, a PE ratio of 19.67, a P/E/G ratio of 0.55 and a beta of 0.07. The company has a current ratio of 16.04, a quick ratio of 16.04 and a debt-to-equity ratio of 0.17. Granite Point Mortgage Trust has a 52 week low of $16.15 and a 52 week high of $19.30.

Granite Point Mortgage Trust (NYSE:GPMT) last released its quarterly earnings data on Monday, August 6th. The company reported $0.38 EPS for the quarter, meeting analysts’ consensus estimates of $0.38. The business had revenue of $22.84 million during the quarter, compared to the consensus estimate of $41.20 million. Granite Point Mortgage Trust had a return on equity of 6.74% and a net margin of 40.63%. sell-side analysts predict that Granite Point Mortgage Trust will post 1.58 earnings per share for the current fiscal year.

In other Granite Point Mortgage Trust news, General Counsel Rebecca B. Sandberg sold 1,474 shares of the business’s stock in a transaction dated Monday, June 25th. The stock was sold at an average price of $18.69, for a total value of $27,549.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Marcin Urbaszek bought 2,500 shares of the firm’s stock in a transaction on Thursday, May 24th. The stock was acquired at an average cost of $18.34 per share, with a total value of $45,850.00. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 11,067 shares of company stock valued at $200,227. Insiders own 2.10% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Wedbush Securities Inc. boosted its position in shares of Granite Point Mortgage Trust by 44.2% during the second quarter. Wedbush Securities Inc. now owns 21,826 shares of the company’s stock worth $401,000 after buying an additional 6,694 shares during the period. CIBC Private Wealth Group LLC boosted its position in shares of Granite Point Mortgage Trust by 30.4% during the second quarter. CIBC Private Wealth Group LLC now owns 66,297 shares of the company’s stock worth $1,217,000 after buying an additional 15,475 shares during the period. Commonwealth Equity Services LLC acquired a new position in shares of Granite Point Mortgage Trust during the second quarter worth about $196,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Granite Point Mortgage Trust during the second quarter worth about $1,060,000. Finally, Acadian Asset Management LLC acquired a new position in shares of Granite Point Mortgage Trust during the second quarter worth about $867,000. 67.83% of the stock is owned by institutional investors.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust Inc 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. As of December 31, 2017, its investment portfolio includes 61 commercial real estate debt investments.

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Analyst Recommendations for Granite Point Mortgage Trust (NYSE:GPMT)

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