Granite Point Mortgage Trust (NYSE:GPMT) Now Covered by UBS Group

Stock analysts at UBS Group initiated coverage on shares of Granite Point Mortgage Trust (NYSE:GPMT) in a report issued on Thursday, Marketbeat Ratings reports. The firm set a “neutral” rating and a $1.50 price target on the stock. UBS Group’s target price points to a potential upside of 7.37% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Wall Street Zen cut Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Tuesday, April 21st. Finally, Compass Point set a $1.50 price objective on shares of Granite Point Mortgage Trust in a report on Monday, May 11th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $1.83.

Granite Point Mortgage Trust Stock Performance

Shares of NYSE:GPMT traded up $0.02 during trading on Thursday, hitting $1.40. The company’s stock had a trading volume of 28,247 shares, compared to its average volume of 178,761. The company has a market capitalization of $66.94 million, a PE ratio of -1.31 and a beta of 1.61. Granite Point Mortgage Trust has a fifty-two week low of $1.24 and a fifty-two week high of $3.12. The stock’s 50-day moving average price is $1.42 and its two-hundred day moving average price is $1.69.

Granite Point Mortgage Trust (NYSE:GPMT) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.13. Granite Point Mortgage Trust had a negative return on equity of 11.31% and a negative net margin of 29.82%.The firm had revenue of $11.22 million during the quarter, compared to analyst estimates of $7.40 million. On average, equities analysts predict that Granite Point Mortgage Trust will post -0.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Granite Point Mortgage Trust

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Quantum Portfolio Management LLC bought a new stake in Granite Point Mortgage Trust in the first quarter valued at $66,580,000. Purpose Unlimited Inc. bought a new stake in shares of Granite Point Mortgage Trust during the fourth quarter valued at approximately $2,082,000. Invested Advisors grew its holdings in Granite Point Mortgage Trust by 50.6% in the 4th quarter. Invested Advisors now owns 32,767 shares of the company’s stock worth $79,000 after buying an additional 11,010 shares in the last quarter. Cura Wealth Advisors LLC boosted its position in Granite Point Mortgage Trust by 5.4% during the 4th quarter. Cura Wealth Advisors LLC now owns 1,894,666 shares of the company’s stock worth $4,547,000 after acquiring an additional 97,665 shares during the period. Finally, Investment Research Partners LLC bought a new stake in shares of Granite Point Mortgage Trust during the third quarter valued at about $137,000. 51.63% of the stock is currently owned by institutional investors and hedge funds.

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.