Granite Point Mortgage Trust (NYSE:GPMT) Shares Down 2.5% – What’s Next?

Granite Point Mortgage Trust Inc. (NYSE:GPMT)’s stock price fell 2.5% during mid-day trading on Monday . The company traded as low as $2.57 and last traded at $2.5850. 286,750 shares traded hands during trading, an increase of 113% from the average session volume of 134,878 shares. The stock had previously closed at $2.65.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Keefe, Bruyette & Woods decreased their target price on Granite Point Mortgage Trust from $3.00 to $2.75 and set a “market perform” rating for the company in a report on Tuesday, November 11th. Compass Point set a $3.00 target price on shares of Granite Point Mortgage Trust in a research report on Thursday, October 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Wednesday, October 8th. UBS Group upped their target price on shares of Granite Point Mortgage Trust from $3.25 to $3.50 and gave the company a “buy” rating in a report on Wednesday, August 20th. Finally, Wall Street Zen upgraded shares of Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Granite Point Mortgage Trust currently has a consensus rating of “Hold” and an average target price of $3.08.

Granite Point Mortgage Trust Stock Down 2.5%

The firm has a market cap of $122.55 million, a price-to-earnings ratio of -1.80 and a beta of 1.73. The firm has a fifty day moving average price of $2.72 and a 200-day moving average price of $2.72.

Granite Point Mortgage Trust (NYSE:GPMT) last released its earnings results on Wednesday, May 25th. The company reported $0.38 earnings per share for the quarter. Granite Point Mortgage Trust had a negative return on equity of 30.39% and a negative net margin of 39.73%.The firm had revenue of $27.77 million for the quarter. Equities research analysts anticipate that Granite Point Mortgage Trust Inc. will post -2.75 earnings per share for the current fiscal year.

Granite Point Mortgage Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Wednesday, October 1st. This represents a $0.20 annualized dividend and a yield of 7.7%. Granite Point Mortgage Trust’s dividend payout ratio is -13.89%.

Insider Buying and Selling at Granite Point Mortgage Trust

In related news, Director Hope B. Woodhouse sold 14,674 shares of Granite Point Mortgage Trust stock in a transaction on Monday, November 10th. The stock was sold at an average price of $2.70, for a total value of $39,619.80. Following the transaction, the director owned 94,423 shares in the company, valued at approximately $254,942.10. This trade represents a 13.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Investment Research Partners LLC purchased a new position in shares of Granite Point Mortgage Trust in the third quarter valued at $137,000. Advisory Services Network LLC bought a new stake in Granite Point Mortgage Trust during the third quarter valued at $26,000. Susquehanna International Group LLP raised its holdings in shares of Granite Point Mortgage Trust by 15.4% during the third quarter. Susquehanna International Group LLP now owns 307,963 shares of the company’s stock worth $924,000 after purchasing an additional 41,016 shares during the period. Bank of America Corp DE raised its holdings in shares of Granite Point Mortgage Trust by 32.1% during the third quarter. Bank of America Corp DE now owns 66,148 shares of the company’s stock worth $198,000 after purchasing an additional 16,089 shares during the period. Finally, Two Sigma Investments LP bought a new position in shares of Granite Point Mortgage Trust in the 3rd quarter worth about $560,000. 51.63% of the stock is owned by institutional investors and hedge funds.

Granite Point Mortgage Trust Company Profile

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.