Keefe, Bruyette & Woods Cuts Granite Point Mortgage Trust (NYSE:GPMT) Price Target to $2.75

Granite Point Mortgage Trust (NYSE:GPMT) had its price target reduced by Keefe, Bruyette & Woods from $3.00 to $2.75 in a report published on Tuesday,Benzinga reports. They currently have a market perform rating on the stock.

Several other analysts have also recently commented on GPMT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a report on Wednesday, October 8th. UBS Group boosted their price target on shares of 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. Compass Point set a $3.00 price objective on shares of Granite Point Mortgage Trust in a research report on Thursday, October 9th. Finally, Wall Street Zen upgraded shares of Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. One 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’s stock. Based on data from MarketBeat.com, Granite Point Mortgage Trust has a consensus rating of “Hold” and a consensus target price of $3.08.

Granite Point Mortgage Trust Stock Down 1.4%

NYSE GPMT opened at $2.73 on Tuesday. The company has a market capitalization of $129.43 million, a price-to-earnings ratio of -1.90 and a beta of 1.90. Granite Point Mortgage Trust has a twelve month low of $1.61 and a twelve month high of $3.66. The stock has a fifty day simple moving average of $2.84 and a 200 day simple moving average of $2.64.

Granite Point Mortgage Trust (NYSE:GPMT) last announced its earnings results on Wednesday, May 25th. The company reported $0.38 EPS for the quarter. The firm had revenue of $27.77 million for the quarter. Granite Point Mortgage Trust had a negative return on equity of 30.39% and a negative net margin of 39.73%. Research analysts expect that Granite Point Mortgage Trust will post -2.75 earnings per share for the current fiscal year.

Granite Point Mortgage Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 7.3%. The ex-dividend date was Wednesday, October 1st. Granite Point Mortgage Trust’s payout ratio is presently -13.89%.

Insider Buying and Selling

In other Granite Point Mortgage Trust news, Director Hope B. Woodhouse sold 14,674 shares of the firm’s stock in a transaction 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 in the company, valued at approximately $254,942.10. This trade represents a 13.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Granite Point Mortgage Trust

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. May Hill Capital LLC bought a new stake in Granite Point Mortgage Trust in the 2nd quarter valued at about $28,000. B. Riley Wealth Advisors Inc. acquired a new stake in Granite Point Mortgage Trust in the second quarter valued at approximately $28,000. Confluence Wealth Services Inc. bought a new stake in shares of Granite Point Mortgage Trust during the second quarter valued at approximately $29,000. Hudson Bay Capital Management LP bought a new stake in shares of Granite Point Mortgage Trust during the second quarter valued at approximately $31,000. Finally, Jump Financial LLC acquired a new position in shares of Granite Point Mortgage Trust during the second quarter worth approximately $31,000. Institutional investors 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.