Granite Point Mortgage Trust (NYSE:GPMT) Raised to Hold at Wall Street Zen

Granite Point Mortgage Trust (NYSE:GPMT) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

Several other research analysts also recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Wednesday, October 8th. Compass Point set a $3.00 target price on Granite Point Mortgage Trust in a report on Thursday, October 9th. Finally, UBS Group lifted their price target on Granite Point Mortgage Trust from $3.25 to $3.50 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $3.08.

Granite Point Mortgage Trust Price Performance

Shares of Granite Point Mortgage Trust stock opened at $2.78 on Friday. The firm has a fifty day moving average price of $2.86 and a 200 day moving average price of $2.62. The stock has a market cap of $131.80 million, a PE ratio of -1.93 and a beta of 1.90. Granite Point Mortgage Trust has a 1 year low of $1.61 and a 1 year high of $3.66.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its earnings results on Wednesday, May 25th. The company reported $0.38 EPS for the quarter. Granite Point Mortgage Trust had a negative return on equity of 30.39% and a negative net margin of 39.73%.The firm had revenue of $27.77 million for the quarter. As a group, equities analysts expect that Granite Point Mortgage Trust will post -2.75 EPS for the current year.

Insider Buying and Selling

In other news, Director Lazar Nikolic bought 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The shares were purchased at an average price of $19.61 per share, with a total value of $58,830.00. Following the completion of the acquisition, the director directly owned 4,193 shares in the company, valued at approximately $82,224.73. This trade represents a 251.47% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. May Hill Capital LLC purchased a new position in Granite Point Mortgage Trust during the 2nd quarter worth approximately $28,000. B. Riley Wealth Advisors Inc. acquired a new stake in Granite Point Mortgage Trust in the 2nd quarter worth approximately $28,000. Confluence Wealth Services Inc. acquired a new stake in shares of Granite Point Mortgage Trust in the second quarter worth $29,000. Wealth Enhancement Advisory Services LLC bought a new stake in Granite Point Mortgage Trust during the first quarter valued at about $30,000. Finally, Hudson Bay Capital Management LP bought a new stake in Granite Point Mortgage Trust during the 2nd quarter valued at approximately $31,000. 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.