867,675 Shares in Granite Point Mortgage Trust Inc. $GPMT Bought by Purpose Unlimited Inc.

Purpose Unlimited Inc. bought a new position in Granite Point Mortgage Trust Inc. (NYSE:GPMT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 867,675 shares of the company’s stock, valued at approximately $2,082,000. Purpose Unlimited Inc. owned 1.82% of Granite Point Mortgage Trust at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in GPMT. Advisory Services Network LLC bought a new position in shares of Granite Point Mortgage Trust during the third quarter worth about $26,000. Susquehanna International Group LLP increased its holdings in shares of Granite Point Mortgage Trust by 15.4% in the 3rd quarter. Susquehanna International Group LLP now owns 307,963 shares of the company’s stock worth $924,000 after acquiring an additional 41,016 shares during the period. Bank of America Corp DE lifted its position in Granite Point Mortgage Trust by 32.1% in the 3rd quarter. Bank of America Corp DE now owns 66,148 shares of the company’s stock valued at $198,000 after purchasing an additional 16,089 shares during the last quarter. Two Sigma Investments LP bought a new stake in Granite Point Mortgage Trust in the 3rd quarter valued at about $560,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Granite Point Mortgage Trust in the 3rd quarter valued at about $528,000. 51.63% of the stock is currently owned by institutional investors.

Granite Point Mortgage Trust Stock Up 4.0%

Shares of NYSE GPMT opened at $1.37 on Friday. Granite Point Mortgage Trust Inc. has a fifty-two week low of $1.24 and a fifty-two week high of $3.12. The firm’s 50-day simple moving average is $1.45 and its 200 day simple moving average is $1.86. The stock has a market cap of $65.79 million, a P/E ratio of -1.28 and a beta of 1.63.

Granite Point Mortgage Trust (NYSE:GPMT) last announced its earnings results on Tuesday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.13. The firm had revenue of $11.22 million during the quarter, compared to analyst estimates of $7.40 million. Granite Point Mortgage Trust had a negative net margin of 29.82% and a negative return on equity of 11.31%. On average, sell-side analysts anticipate that Granite Point Mortgage Trust Inc. will post -0.69 earnings per share for the current fiscal year.

Granite Point Mortgage Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 14.6%. The ex-dividend date of this dividend is Wednesday, July 1st. Granite Point Mortgage Trust’s dividend payout ratio is currently -18.69%.

Wall Street Analyst Weigh In

GPMT has been the subject of several recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, April 21st. Wall Street Zen lowered shares of Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Finally, Compass Point set a $1.50 price objective on Granite Point Mortgage Trust in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Granite Point Mortgage Trust presently has an average rating of “Hold” and a consensus price target of $2.50.

About Granite Point Mortgage Trust

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.