Granite Point Mortgage Trust (NYSE:GPMT) Stock Price Passes Below 50-Day Moving Average – Should You Sell?

Granite Point Mortgage Trust Inc. (NYSE:GPMT) shares passed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $1.28 and traded as low as $1.04. Granite Point Mortgage Trust shares last traded at $1.0501, with a volume of 561,487 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. UBS Group assumed coverage on Granite Point Mortgage Trust in a report on Thursday, July 16th. They issued a “neutral” rating and a $1.50 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a report on Friday, July 17th. Keefe, Bruyette & Woods decreased their target price on Granite Point Mortgage Trust from $1.50 to $1.25 and set a “market perform” rating on the stock in a research note on Wednesday, August 12th. Compass Point set a $1.25 target price on Granite Point Mortgage Trust in a research report on Wednesday, August 12th. Finally, Zacks Research cut shares of Granite Point Mortgage Trust from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Granite Point Mortgage Trust has an average rating of “Reduce” and a consensus target price of $1.33.

Granite Point Mortgage Trust Stock Performance

The company’s fifty day moving average is $1.28 and its 200-day moving average is $1.43. The company has a market capitalization of $50.61 million, a PE ratio of -0.52 and a beta of 1.58.

Granite Point Mortgage Trust (NYSE:GPMT) last released its quarterly earnings results 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 firm had revenue of $8.27 million for the quarter, compared to analysts’ expectations of $7.85 million. On average, sell-side analysts expect that Granite Point Mortgage Trust Inc. will post -1.53 EPS for the current fiscal year.

Granite Point Mortgage Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were issued a $0.05 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 19.0%. Granite Point Mortgage Trust’s dividend payout ratio is presently -9.95%.

Institutional Trading of Granite Point Mortgage Trust

Several hedge funds have recently modified their holdings of the company. LPL Financial LLC acquired a new stake in Granite Point Mortgage Trust in the 4th quarter worth approximately $25,000. Advisory Services Network LLC purchased a new stake in Granite Point Mortgage Trust in the 3rd quarter worth $26,000. B. Riley Wealth Advisors Inc. acquired a new position in shares of Granite Point Mortgage Trust during the second quarter valued at approximately $28,000. Jump Financial LLC purchased a new position in shares of Granite Point Mortgage Trust in the second quarter worth about $31,000. Finally, Hudson Bay Capital Management LP purchased a new position in Granite Point Mortgage Trust during the second quarter worth approximately $31,000. 51.63% of the stock is owned by hedge funds and other institutional investors.

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.