Granite Point Mortgage Trust Inc. (NYSE:GPMT) Shares Shorted: Short Interest Down 93.6% in October

Granite Point Mortgage Trust Inc. (NYSE:GPMT) was the target of a significant decline in short interest in the month of October. As of October 15th, there was short interest totaling 38,940 shares, a decline of 93.6% from the September 30th total of 608,476 shares. Based on an average daily trading volume, of 50,027 shares, the short-interest ratio is presently 0.8 days. Currently, 0.9% of the shares of the company are sold short.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Several institutional investors and hedge funds have recently modified their holdings of GPMT. Quantum Portfolio Management LLC purchased a new stake in shares of Granite Point Mortgage Trust during the 1st quarter worth about $66,580,000. Cura Wealth Advisors LLC grew its position 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 valued at $2,762,000 after acquiring an additional 10,412 shares during the period. Finally, Sei Investments Co. grew its position in shares of Granite Point Mortgage Trust by 140.5% during the 1st quarter. Sei Investments Co. now owns 87,167 shares of the company’s stock valued at $126,000 after acquiring an additional 50,926 shares during the period. Institutional investors and hedge funds own 51.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on GPMT shares. UBS Group assumed coverage on Granite Point Mortgage Trust in a research report on Thursday, July 16th. They issued a “neutral” rating and a $15.00 target price on the stock. Zacks Research raised Granite Point Mortgage Trust from a “strong sell” rating to a “hold” rating in a research report on Friday, October 9th. Keefe, Bruyette & Woods dropped their price target on Granite Point Mortgage Trust from $15.00 to $12.50 and set a “market perform” rating on the stock in a research note on Wednesday, August 12th. Compass Point set a $12.50 price target on Granite Point Mortgage Trust in a research note on Wednesday, August 12th. Finally, Wall Street Zen lowered Granite Point Mortgage Trust to a “strong sell” rating in a report on Saturday, August 15th. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $13.33.

Granite Point Mortgage Trust Stock Performance

Shares of Granite Point Mortgage Trust stock traded up $0.09 during trading on Monday, hitting $4.92. 14,787 shares of the company’s stock were exchanged, compared to its average volume of 44,641. The stock has a market capitalization of $23.72 million, a price-to-earnings ratio of -0.24 and a beta of 1.64. The business has a 50-day simple moving average of $8.48 and a 200-day simple moving average of $14.15. Granite Point Mortgage Trust has a 52-week low of $4.47 and a 52-week high of $28.50.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($7.90) EPS for the quarter, missing the consensus estimate of ($3.90) by ($4.00). 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 during the quarter, compared to analysts’ expectations of $7.85 million. On average, equities analysts anticipate that Granite Point Mortgage Trust will post -15.30 earnings per share for the current fiscal year.

Granite Point Mortgage Trust Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Thursday, October 1st. This is a decrease from Granite Point Mortgage Trust’s previous quarterly dividend of $0.05. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is -1.99%.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc is a real estate investment trust that focuses on commercial real estate finance. The company originates, acquires and manages commercial real estate debt investments, with an emphasis on floating-rate, senior mortgage loans secured by properties in major U.S. markets.

Its investments generally support transitional commercial properties, including office, multifamily, industrial, hotel, retail and mixed-use assets. Granite Point typically provides financing to property owners and investors seeking capital for acquisitions, renovations, repositioning or other business plans intended to enhance a property’s value.

Granite Point was established in 2015 and became a publicly traded company in 2017.