Granite Point Mortgage Trust (NYSE:GPMT – Get Free Report) was downgraded by analysts at Wall Street Zen to a “strong sell” rating in a report issued on Saturday.
Several other analysts have also recently weighed in on the company. UBS Group initiated coverage on Granite Point Mortgage Trust in a report on Thursday, July 16th. They issued a “neutral” rating and a $1.50 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Friday, July 17th. Keefe, Bruyette & Woods lowered their target price on shares of 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. Finally, Compass Point set a $1.25 target price on shares of Granite Point Mortgage Trust in a research report on Wednesday. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus target price of $1.33.
Get Our Latest Stock Report on Granite Point Mortgage Trust
Granite Point Mortgage Trust Stock Performance
Granite Point Mortgage Trust (NYSE:GPMT – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.79) earnings per share (EPS) 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 business had revenue of $8.27 million for the quarter, compared to the consensus estimate of $7.85 million. On average, sell-side analysts forecast that Granite Point Mortgage Trust will post -1.53 EPS for the current fiscal year.
Hedge Funds Weigh In On Granite Point Mortgage Trust
A number of hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp raised its stake in shares of Granite Point Mortgage Trust by 2.1% during the fourth quarter. State Street Corp now owns 265,242 shares of the company’s stock worth $650,000 after acquiring an additional 5,500 shares in the last quarter. Engineers Gate Manager LP lifted its holdings 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 worth $94,000 after acquiring an additional 6,102 shares during the last quarter. Advisory Services Network LLC bought a new stake in shares of Granite Point Mortgage Trust in the 3rd quarter worth approximately $26,000. MetLife Investment Management LLC boosted its stake in shares of Granite Point Mortgage Trust by 68.3% in the 1st quarter. MetLife Investment Management LLC now owns 21,334 shares of the company’s stock valued at $55,000 after purchasing an additional 8,658 shares in the last quarter. Finally, LPL Financial LLC purchased a new stake in shares of Granite Point Mortgage Trust in the 4th quarter valued at $25,000. 51.63% of the stock is currently owned by hedge funds and other institutional investors.
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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