Granite Point Mortgage Trust Inc. (NYSE:GPMT) Receives $2.83 Average Price Target from Analysts

Shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT) have been given a consensus recommendation of “Hold” by the four research firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and one has issued a buy recommendation on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $2.6833.

GPMT has been the topic of several research analyst reports. Compass Point set a $2.05 target price on shares of Granite Point Mortgage Trust in a research report on Friday. Wall Street Zen upgraded shares of Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Zacks Research upgraded shares of Granite Point Mortgage Trust to a “hold” rating in a research report on Friday, December 19th. Keefe, Bruyette & Woods dropped their target price on shares of Granite Point Mortgage Trust from $2.75 to $2.50 and set a “market perform” rating for the company in a report on Thursday, January 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Thursday, January 22nd.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Truffle Hound Capital LLC acquired a new stake in shares of Granite Point Mortgage Trust in the second quarter valued at approximately $988,000. Y Intercept Hong Kong Ltd purchased a new stake in Granite Point Mortgage Trust in the 2nd quarter valued at approximately $227,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Granite Point Mortgage Trust during the 2nd quarter valued at $113,000. May Hill Capital LLC acquired a new stake in Granite Point Mortgage Trust during the 2nd quarter valued at $28,000. Finally, Catalyst Funds Management Pty Ltd purchased a new position in Granite Point Mortgage Trust during the second quarter worth $57,000. Institutional investors and hedge funds own 51.63% of the company’s stock.

Granite Point Mortgage Trust Trading Down 10.3%

Shares of GPMT stock opened at $1.75 on Wednesday. The stock has a 50 day simple moving average of $2.33 and a 200-day simple moving average of $2.64. The company has a market cap of $82.96 million, a price-to-earnings ratio of -1.51 and a beta of 1.71. Granite Point Mortgage Trust has a 12-month low of $1.61 and a 12-month high of $3.12.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings results on Wednesday, February 11th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.10. The firm had revenue of $10.55 million for the quarter, compared to the consensus estimate of $10.22 million. Granite Point Mortgage Trust had a negative return on equity of 15.52% and a negative net margin of 31.24%. On average, equities analysts forecast that Granite Point Mortgage Trust will post -2.75 earnings per share for the current fiscal year.

Granite Point Mortgage Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Tuesday, December 30th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, December 30th. This represents a $0.20 annualized dividend and a yield of 11.4%. Granite Point Mortgage Trust’s payout ratio is currently -17.24%.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust, Inc is a specialty finance company that invests directly in commercial real estate debt. The company focuses on originating, acquiring and managing senior preferred and mezzanine loans secured by income-producing real estate across diverse property types, including multifamily, office, industrial and retail assets. Granite Point Mortgage Trust operates as a real estate investment trust (REIT), providing investors with exposure to floating-rate commercial mortgage loan investments.

Granite Point’s investment strategy centers on structuring loans to deliver attractive risk-adjusted returns, with portfolio allocations spanning senior loans, B-notes and mezzanine financings.