Granite Point Mortgage Trust (NYSE:GPMT) Director Sells $16,023.96 in Stock

Granite Point Mortgage Trust Inc. (NYSE:GPMT) Director Tanuja Dehne sold 10,827 shares of Granite Point Mortgage Trust stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $1.48, for a total value of $16,023.96. Following the completion of the transaction, the director directly owned 109,632 shares in the company, valued at approximately $162,255.36. This represents a 8.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Granite Point Mortgage Trust Price Performance

Granite Point Mortgage Trust stock opened at $1.45 on Friday. The stock’s 50 day moving average is $1.44 and its 200 day moving average is $1.90. The firm has a market cap of $69.24 million, a P/E ratio of -1.35 and a beta of 1.63. Granite Point Mortgage Trust Inc. has a one year low of $1.24 and a one year high of $3.12.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.13. The company had revenue of $11.22 million for the quarter, compared to analyst estimates of $7.40 million. Granite Point Mortgage Trust had a negative return on equity of 11.31% and a negative net margin of 29.82%. Equities analysts anticipate that Granite Point Mortgage Trust Inc. will post -0.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Several institutional investors have recently added to or reduced their stakes in the business. State Street Corp lifted its stake in Granite Point Mortgage Trust by 2.1% in the fourth quarter. State Street Corp now owns 265,242 shares of the company’s stock valued at $650,000 after buying an additional 5,500 shares during the period. Engineers Gate Manager LP lifted its stake in Granite Point Mortgage Trust by 18.5% in the fourth quarter. Engineers Gate Manager LP now owns 39,007 shares of the company’s stock valued at $94,000 after buying an additional 6,102 shares during the period. Advisory Services Network LLC acquired a new position in Granite Point Mortgage Trust in the third quarter valued at approximately $26,000. MetLife Investment Management LLC lifted its stake in Granite Point Mortgage Trust by 68.3% in the first 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 period. Finally, LPL Financial LLC acquired a new position in Granite Point Mortgage Trust in the fourth quarter valued at approximately $25,000. 51.63% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GPMT has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Tuesday, April 21st. Compass Point set a $1.50 price objective on Granite Point Mortgage Trust in a research note on Monday, May 11th. Finally, Wall Street Zen lowered Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $2.50.

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.