Granite Point Mortgage Trust (NYSE:GPMT) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of Granite Point Mortgage Trust (NYSE:GPMTFree Report) from a hold rating to a sell rating in a research note released on Saturday morning.

A number of other analysts also recently weighed in on GPMT. UBS Group increased their price objective on Granite Point Mortgage Trust from $3.25 to $3.50 and gave the company a “buy” rating in a report on Wednesday, August 20th. Keefe, Bruyette & Woods increased their price target on Granite Point Mortgage Trust from $2.25 to $2.75 and gave the stock a “market perform” rating in a report on Thursday, July 10th. Compass Point set a $3.00 price target on Granite Point Mortgage Trust in a report on Thursday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a report on Wednesday, October 8th. One 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. According to MarketBeat, Granite Point Mortgage Trust currently has an average rating of “Hold” and an average target price of $3.08.

Check Out Our Latest Report on GPMT

Granite Point Mortgage Trust Stock Performance

Shares of NYSE:GPMT opened at $2.73 on Friday. The company has a market capitalization of $129.40 million, a PE ratio of -1.29 and a beta of 1.89. Granite Point Mortgage Trust has a 52-week low of $1.61 and a 52-week high of $3.66. The company has a fifty day moving average of $2.88 and a 200-day moving average of $2.52.

Granite Point Mortgage Trust (NYSE:GPMTGet Free Report) last posted its quarterly earnings data on Wednesday, May 25th. The company reported $0.38 earnings per share for the quarter. The business had revenue of $27.77 million during the quarter. Granite Point Mortgage Trust had a negative return on equity of 26.91% and a negative net margin of 59.38%. On average, equities analysts forecast that Granite Point Mortgage Trust will post -2.75 EPS for the current fiscal year.

Granite Point Mortgage Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 7.3%. The ex-dividend date of this dividend is Wednesday, October 1st. Granite Point Mortgage Trust’s dividend payout ratio is -9.43%.

Insider Activity

In related news, Director Lazar Nikolic acquired 3,000 shares of the business’s stock in a transaction dated Wednesday, August 13th. The shares were bought at an average price of $19.61 per share, with a total value of $58,830.00. Following the transaction, the director directly owned 4,193 shares of the company’s stock, valued at $82,224.73. This trade represents a 251.47% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Large investors have recently added to or reduced their stakes in the business. MetLife Investment Management LLC lifted its holdings in shares of Granite Point Mortgage Trust by 68.3% during the 1st quarter. MetLife Investment Management LLC now owns 21,334 shares of the company’s stock worth $55,000 after acquiring an additional 8,658 shares during the last quarter. May Hill Capital LLC bought a new stake in shares of Granite Point Mortgage Trust during the 2nd quarter worth $28,000. B. Riley Wealth Advisors Inc. bought a new stake in shares of Granite Point Mortgage Trust during the 2nd quarter worth $28,000. Confluence Wealth Services Inc. bought a new stake in shares of Granite Point Mortgage Trust during the 2nd quarter worth $29,000. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in shares of Granite Point Mortgage Trust during the 1st quarter worth $30,000. Institutional investors own 51.63% of the company’s stock.

About Granite Point Mortgage Trust

(Get Free Report)

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.

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