UBS Group Cuts Granite Point Mortgage Trust (NYSE:GPMT) Price Target to $2.50

Granite Point Mortgage Trust (NYSE:GPMT) had its price objective lowered by UBS Group from $3.50 to $2.50 in a research report sent to investors on Wednesday morning,Benzinga reports. UBS Group currently has a buy rating on the stock.

A number of other research firms also recently issued reports on GPMT. Keefe, Bruyette & Woods dropped their price target on Granite Point Mortgage Trust from $2.75 to $2.50 and set a “market perform” rating on the stock in a research report on Monday, April 7th. JMP Securities reiterated a “market perform” rating on shares of Granite Point Mortgage Trust in a report on Tuesday, February 18th.

Granite Point Mortgage Trust Price Performance

GPMT stock opened at $1.75 on Wednesday. Granite Point Mortgage Trust has a 12 month low of $1.70 and a 12 month high of $4.54. The firm’s 50-day moving average is $2.57 and its 200 day moving average is $2.89. The company has a market capitalization of $85.24 million, a PE ratio of -0.40 and a beta of 1.46.

Granite Point Mortgage Trust (NYSE:GPMT) last issued its earnings results on Thursday, February 13th. The company reported ($1.99) EPS for the quarter, missing analysts’ consensus estimates of ($0.73) by ($1.26). The company had revenue of $7.57 million for the quarter, compared to analysts’ expectations of $7.90 million. Granite Point Mortgage Trust had a negative return on equity of 14.08% and a negative net margin of 111.59%. 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 business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st were issued a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 11.46%. Granite Point Mortgage Trust’s dividend payout ratio is presently -4.56%.

Insider Buying and Selling

In other news, Director Patrick Gregory Halter bought 34,001 shares of Granite Point Mortgage Trust stock in a transaction on Tuesday, February 25th. The stock was acquired at an average cost of $2.80 per share, for a total transaction of $95,202.80. Following the completion of the acquisition, the director now owns 34,001 shares of the company’s stock, valued at $95,202.80. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders purchased 34,770 shares of company stock worth $108,849 in the last three months. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC boosted its stake in Granite Point Mortgage Trust by 237.2% in the third quarter. FMR LLC now owns 8,296 shares of the company’s stock valued at $26,000 after acquiring an additional 5,836 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Granite Point Mortgage Trust during the 1st quarter valued at $30,000. MetLife Investment Management LLC boosted its position in shares of Granite Point Mortgage Trust by 104.8% in the 4th 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 in the last quarter. ProShare Advisors LLC purchased a new position in Granite Point Mortgage Trust during the 4th quarter worth $40,000. Finally, Tower Research Capital LLC TRC increased its position in Granite Point Mortgage Trust by 190.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 14,786 shares of the company’s stock valued at $41,000 after buying an additional 9,697 shares in the last quarter. Hedge funds and other 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.