Truffle Hound Capital LLC Makes New $988,000 Investment in Granite Point Mortgage Trust Inc. $GPMT

Truffle Hound Capital LLC purchased a new stake in Granite Point Mortgage Trust Inc. (NYSE:GPMT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 400,000 shares of the company’s stock, valued at approximately $988,000.

A number of other institutional investors have also made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Granite Point Mortgage Trust in the second quarter valued at about $113,000. May Hill Capital LLC bought a new stake in shares of Granite Point Mortgage Trust in the 2nd quarter valued at about $28,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Granite Point Mortgage Trust in the 2nd quarter valued at about $227,000. Ground Swell Capital LLC acquired a new stake in shares of Granite Point Mortgage Trust in the 2nd quarter valued at approximately $40,000. Finally, Confluence Wealth Services Inc. bought a new position in Granite Point Mortgage Trust during the 2nd quarter worth approximately $29,000. 51.63% of the stock is owned by institutional investors and hedge funds.

Granite Point Mortgage Trust Price Performance

GPMT opened at $2.71 on Tuesday. The company has a market capitalization of $128.23 million, a price-to-earnings ratio of -1.88 and a beta of 1.90. The business’s 50-day moving average price is $2.83 and its two-hundred day moving average price is $2.66. Granite Point Mortgage Trust Inc. 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 quarterly earnings data on Wednesday, May 25th. The company reported $0.38 earnings per share 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 company had revenue of $27.77 million during the quarter. Sell-side analysts anticipate that Granite Point Mortgage Trust Inc. will post -2.75 earnings per share for the current fiscal year.

Granite Point Mortgage Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st were given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 7.4%. The ex-dividend date of this dividend was Wednesday, October 1st. Granite Point Mortgage Trust’s payout ratio is currently -13.89%.

Insider Buying and Selling

In related news, Director Hope B. Woodhouse sold 14,674 shares of the stock in a transaction on Monday, November 10th. The shares were sold at an average price of $2.70, for a total transaction of $39,619.80. Following the completion of the transaction, the director owned 94,423 shares in the company, valued at approximately $254,942.10. This represents a 13.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 3.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. UBS Group upped their target price on shares of Granite Point Mortgage Trust from $3.25 to $3.50 and gave the company a “buy” rating in a research note on Wednesday, August 20th. Keefe, Bruyette & Woods lowered their price objective on shares of Granite Point Mortgage Trust from $3.00 to $2.75 and set a “market perform” rating for the company in a research report on Tuesday, November 11th. Wall Street Zen upgraded Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a report on Wednesday, October 8th. Finally, Compass Point set a $3.00 price objective on Granite Point Mortgage Trust in a report on Thursday, October 9th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $3.08.

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.