Granite Point Mortgage Trust (NYSE:GPMT) Cut to Strong Sell at Wall Street Zen

Wall Street Zen downgraded shares of Granite Point Mortgage Trust (NYSE:GPMT) to a strong sell rating in a research report sent to investors on Saturday morning.

GPMT has been the topic of several other reports. UBS Group assumed coverage on shares of Granite Point Mortgage Trust in a report on Thursday, July 16th. They set a “neutral” rating and a $1.50 target price on the stock. Compass Point set a $1.25 price target on shares of Granite Point Mortgage Trust in a report on Wednesday, August 12th. Keefe, Bruyette & Woods lowered their price objective on shares of Granite Point Mortgage Trust from $1.50 to $1.25 and set a “market perform” rating for the company in a research report on Wednesday, August 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Friday, July 17th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Granite Point Mortgage Trust presently has an average rating of “Reduce” and a consensus price target of $1.33.

Granite Point Mortgage Trust Price Performance

Shares of Granite Point Mortgage Trust stock opened at $1.19 on Friday. The company has a market capitalization of $57.12 million, a P/E ratio of -0.59 and a beta of 1.61. The business has a 50-day moving average of $1.37 and a two-hundred day moving average of $1.53. Granite Point Mortgage Trust has a 1 year low of $1.17 and a 1 year high of $3.12.

Granite Point Mortgage Trust (NYSE:GPMT) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.40). Granite Point Mortgage Trust had a negative net margin of 73.75% and a negative return on equity of 10.25%. The business had revenue of $8.27 million for the quarter, compared to the consensus estimate of $7.85 million. On average, equities analysts anticipate that Granite Point Mortgage Trust will post -1.53 EPS for the current fiscal year.

Granite Point Mortgage Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were issued a dividend of $0.05 per share. The ex-dividend date was Wednesday, July 1st. This represents a $0.20 annualized dividend and a yield of 16.9%. Granite Point Mortgage Trust’s dividend payout ratio is presently -9.95%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GPMT. Quantum Portfolio Management LLC acquired a new stake in Granite Point Mortgage Trust in the 1st quarter valued at $66,580,000. Vanguard Group Inc. boosted its stake in shares of Granite Point Mortgage Trust by 5.8% during the 3rd quarter. Vanguard Group Inc. now owns 2,442,107 shares of the company’s stock worth $7,326,000 after buying an additional 134,451 shares during the last quarter. Cura Wealth Advisors LLC boosted its stake in shares of Granite Point Mortgage Trust by 0.5% during the 1st quarter. Cura Wealth Advisors LLC now owns 1,905,078 shares of the company’s stock worth $2,762,000 after buying an additional 10,412 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of Granite Point Mortgage Trust by 9,425.4% in the 2nd quarter. Marshall Wace LLP now owns 1,007,221 shares of the company’s stock valued at $2,488,000 after acquiring an additional 996,647 shares in the last quarter. Finally, Purpose Unlimited Inc. bought a new position in shares of Granite Point Mortgage Trust in the 4th quarter valued at about $2,082,000. Institutional investors own 51.63% of the company’s stock.

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.