Keefe, Bruyette & Woods Cuts Granite Point Mortgage Trust (NYSE:GPMT) Price Target to $1.25

Granite Point Mortgage Trust (NYSE:GPMT) had its price target decreased by Keefe, Bruyette & Woods from $1.50 to $1.25 in a research report released on Wednesday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.

Other equities analysts have also recently issued reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Friday, July 17th. UBS Group began coverage on shares of Granite Point Mortgage Trust in a research note on Thursday, July 16th. They issued a “neutral” rating and a $1.50 price target for the company. Wall Street Zen cut shares of Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Finally, Compass Point set a $1.25 price objective on shares of Granite Point Mortgage Trust in a research note on Wednesday. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $1.33.

Granite Point Mortgage Trust Price Performance

Shares of GPMT opened at $1.20 on Wednesday. Granite Point Mortgage Trust has a 12 month low of $1.17 and a 12 month high of $3.12. The stock’s 50-day moving average is $1.38 and its two-hundred day moving average is $1.54. The stock has a market cap of $57.60 million, a PE ratio of -0.59 and a beta of 1.61.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its earnings results on Wednesday, August 5th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.40). The company had revenue of $8.27 million during the quarter, compared to analyst estimates of $7.85 million. Granite Point Mortgage Trust had a negative net margin of 73.75% and a negative return on equity of 10.25%. On average, research analysts anticipate that Granite Point Mortgage Trust will post -0.69 earnings per share for the current year.

Granite Point Mortgage Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were issued a $0.05 dividend. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.20 annualized dividend and a dividend yield of 16.7%. Granite Point Mortgage Trust’s dividend payout ratio is currently -9.95%.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Institutional investors and hedge funds have recently modified their holdings of the stock. LPL Financial LLC acquired a new position in shares of Granite Point Mortgage Trust in the 4th quarter valued at $25,000. Advisory Services Network LLC purchased a new position in shares of Granite Point Mortgage Trust in the third quarter worth approximately $26,000. B. Riley Wealth Advisors Inc. purchased a new position in shares of Granite Point Mortgage Trust in the second quarter worth approximately $28,000. Jump Financial LLC acquired a new position in Granite Point Mortgage Trust in the 2nd quarter worth approximately $31,000. Finally, Hudson Bay Capital Management LP purchased a new stake in Granite Point Mortgage Trust in the 2nd quarter worth about $31,000. Institutional investors and hedge funds own 51.63% of the company’s stock.

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.