Wall Street Zen upgraded shares of Granite Point Mortgage Trust (NYSE:GPMT – Free Report) from a sell rating to a hold rating in a report issued on Saturday morning.
Several other analysts have also recently issued reports on GPMT. Compass Point set a $1.50 price objective on shares of Granite Point Mortgage Trust in a research note on Monday, May 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Tuesday, April 21st. 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. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $2.50.
Check Out Our Latest Stock Report on Granite Point Mortgage Trust
Granite Point Mortgage Trust Trading Up 1.1%
Granite Point Mortgage Trust (NYSE:GPMT – Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.13. Granite Point Mortgage Trust had a negative return on equity of 11.31% and a negative net margin of 29.82%.The firm had revenue of $11.22 million during the quarter, compared to the consensus estimate of $7.40 million. Sell-side analysts forecast that Granite Point Mortgage Trust will post -0.69 earnings per share for the current fiscal year.
Granite Point Mortgage Trust Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st were issued a $0.05 dividend. The ex-dividend date was Wednesday, April 1st. This represents a $0.20 dividend on an annualized basis and a yield of 14.5%. Granite Point Mortgage Trust’s payout ratio is currently -18.69%.
Institutional Investors Weigh In On Granite Point Mortgage Trust
A number of institutional investors have recently modified their holdings of the stock. State Street Corp raised its stake in shares of Granite Point Mortgage Trust by 2.1% in the 4th quarter. State Street Corp now owns 265,242 shares of the company’s stock valued at $650,000 after purchasing an additional 5,500 shares in the last quarter. Engineers Gate Manager LP raised its stake in shares of Granite Point Mortgage Trust by 18.5% in the 4th quarter. Engineers Gate Manager LP now owns 39,007 shares of the company’s stock valued at $94,000 after purchasing an additional 6,102 shares in the last quarter. Advisory Services Network LLC bought a new stake in shares of Granite Point Mortgage Trust during the 3rd quarter valued at about $26,000. MetLife Investment Management LLC grew its position 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 valued at $55,000 after buying an additional 8,658 shares during the last quarter. Finally, LPL Financial LLC bought a new stake in shares of Granite Point Mortgage Trust during the 4th quarter valued at about $25,000. Institutional investors and hedge funds own 51.63% of the company’s stock.
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.
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