Granite Point Mortgage Trust Inc. (NYSE:GPMT) Shares Shorted: Short Interest Down 93.6% in October

Granite Point Mortgage Trust Inc. (NYSE:GPMT) was the recipient of a large decline in short interest in October. As of October 15th, there was short interest totaling 38,940 shares, a decline of 93.6% from the September 30th total of 608,476 shares. Based on an average daily trading volume, of 50,027 shares, the days-to-cover ratio is currently 0.8 days. Approximately 0.9% of the company’s stock are short sold.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Large investors have recently made changes to their positions in the business. Sei Investments Co. grew its position in Granite Point Mortgage Trust by 140.5% during the first quarter. Sei Investments Co. now owns 87,167 shares of the company’s stock valued at $126,000 after buying an additional 50,926 shares during the period. Cura Wealth Advisors LLC increased its holdings in Granite Point Mortgage Trust by 0.5% during the first quarter. Cura Wealth Advisors LLC now owns 1,905,078 shares of the company’s stock worth $2,762,000 after buying an additional 10,412 shares during the last quarter. Finally, Quantum Portfolio Management LLC bought a new stake in Granite Point Mortgage Trust in the first quarter worth about $66,580,000. 51.63% of the stock is owned by hedge funds and other institutional investors.

Granite Point Mortgage Trust Stock Performance

Shares of GPMT stock traded down $0.01 during mid-day trading on Tuesday, hitting $4.89. The company’s stock had a trading volume of 13,170 shares, compared to its average volume of 22,317. Granite Point Mortgage Trust has a 52 week low of $4.47 and a 52 week high of $28.50. The company has a market cap of $23.59 million, a PE ratio of -0.24 and a beta of 1.64. The company’s fifty day simple moving average is $8.48 and its 200-day simple moving average is $14.15.

Granite Point Mortgage Trust (NYSE:GPMT) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($7.90) EPS for the quarter, missing analysts’ consensus estimates of ($3.90) by ($4.00). 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 during the quarter, compared to analyst estimates of $7.85 million. On average, equities analysts anticipate that Granite Point Mortgage Trust will post -15.30 earnings per share for the current year.

Granite Point Mortgage Trust Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st were issued a $0.01 dividend. This is a decrease from Granite Point Mortgage Trust’s previous quarterly dividend of $0.05. This represents a $0.04 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Thursday, October 1st. Granite Point Mortgage Trust’s dividend payout ratio is currently -1.99%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on GPMT shares. Wall Street Zen downgraded Granite Point Mortgage Trust to a “strong sell” rating in a report on Saturday, August 15th. Zacks Research upgraded Granite Point Mortgage Trust from a “strong sell” rating to a “hold” rating in a research note on Friday, October 9th. Compass Point set a $12.50 target price on shares of Granite Point Mortgage Trust in a report on Wednesday, August 12th. Keefe, Bruyette & Woods dropped their price target on Granite Point Mortgage Trust from $15.00 to $12.50 and set a “market perform” rating for the company in a research note on Wednesday, August 12th. Finally, UBS Group started coverage on Granite Point Mortgage Trust in a report on Thursday, July 16th. They issued a “neutral” rating and a $15.00 target price on the stock. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $13.33.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc is a real estate investment trust that focuses on commercial real estate finance. The company originates, acquires and manages commercial real estate debt investments, with an emphasis on floating-rate, senior mortgage loans secured by properties in major U.S. markets.

Its investments generally support transitional commercial properties, including office, multifamily, industrial, hotel, retail and mixed-use assets. Granite Point typically provides financing to property owners and investors seeking capital for acquisitions, renovations, repositioning or other business plans intended to enhance a property’s value.

Granite Point was established in 2015 and became a publicly traded company in 2017.