Granite Point Mortgage Trust (NYSE:GPMT) Earns “Market Perform” Rating from JMP Securities

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

Several other equities research analysts have also issued reports on the stock. Keefe, Bruyette & Woods upgraded shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and lifted their target price for the company from $3.00 to $3.25 in a research report on Tuesday, December 10th. UBS Group raised their price objective on shares of 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.

Granite Point Mortgage Trust Stock Performance

Shares of GPMT stock opened at $2.98 on Tuesday. The company has a market capitalization of $148.63 million, a PE ratio of -0.68 and a beta of 1.86. Granite Point Mortgage Trust has a 52-week low of $2.46 and a 52-week high of $5.01. The business’s fifty day moving average is $2.92 and its 200 day moving average is $2.96.

Granite Point Mortgage Trust (NYSE:GPMT) last released its quarterly earnings results on Thursday, February 13th. The company reported ($1.99) earnings per share for the quarter, missing the consensus estimate 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 net margin of 111.59% and a negative return on equity of 14.08%. On average, sell-side analysts forecast 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. Investors of record on Tuesday, December 31st were issued a dividend of $0.05 per share. The ex-dividend date was Tuesday, December 31st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 6.72%. Granite Point Mortgage Trust’s dividend payout ratio is -4.56%.

Institutional Trading of Granite Point Mortgage Trust

Several hedge funds and other institutional investors have recently bought and sold shares of GPMT. Graham Capital Management L.P. raised its stake in shares of Granite Point Mortgage Trust by 13.9% during the fourth quarter. Graham Capital Management L.P. now owns 32,850 shares of the company’s stock worth $92,000 after acquiring an additional 4,015 shares in the last quarter. Corient Private Wealth LLC grew its holdings in shares of Granite Point Mortgage Trust by 10.5% during the 4th quarter. Corient Private Wealth LLC now owns 47,666 shares of the company’s stock valued at $133,000 after purchasing an additional 4,511 shares during the last quarter. FMR LLC raised its position in Granite Point Mortgage Trust by 237.2% in the 3rd quarter. FMR LLC now owns 8,296 shares of the company’s stock worth $26,000 after purchasing an additional 5,836 shares during the period. MetLife Investment Management LLC lifted its stake in Granite Point Mortgage Trust by 104.8% in the fourth quarter. MetLife Investment Management LLC now owns 12,676 shares of the company’s stock worth $35,000 after purchasing an additional 6,487 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in Granite Point Mortgage Trust by 23.7% during the fourth quarter. Wells Fargo & Company MN now owns 34,395 shares of the company’s stock valued at $96,000 after buying an additional 6,599 shares during the period. Hedge funds and other institutional investors own 51.63% of the company’s stock.

About Granite Point Mortgage Trust

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.