Granite Point Mortgage Trust (NYSE:GPMT) Cut to Outperform at Raymond James

Granite Point Mortgage Trust (NYSE:GPMT) was downgraded by investment analysts at Raymond James to an “outperform” rating in a research note issued to investors on Tuesday, The Fly reports.

Separately, Zacks Investment Research raised shares of Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a research report on Wednesday, July 31st.

Shares of GPMT traded up $0.02 during midday trading on Tuesday, reaching $18.46. The stock had a trading volume of 218,000 shares, compared to its average volume of 545,450. The company’s 50 day simple moving average is $19.02. Granite Point Mortgage Trust has a one year low of $17.45 and a one year high of $19.69. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 13.00 and a beta of 0.39. The company has a debt-to-equity ratio of 1.44, a quick ratio of 28.84 and a current ratio of 28.84.

Granite Point Mortgage Trust (NYSE:GPMT) last announced its quarterly earnings data on Monday, August 5th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). Granite Point Mortgage Trust had a net margin of 31.28% and a return on equity of 7.57%. The firm had revenue of $27.83 million during the quarter, compared to the consensus estimate of $28.90 million. As a group, analysts anticipate that Granite Point Mortgage Trust will post 1.46 earnings per share for the current fiscal year.

In other news, General Counsel Rebecca B. Sandberg sold 1,610 shares of the firm’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $18.92, for a total transaction of $30,461.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Marcin Urbaszek sold 2,337 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $18.92, for a total transaction of $44,216.04. The disclosure for this sale can be found here. In the last three months, insiders sold 7,075 shares of company stock valued at $133,859. Insiders own 2.00% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of GPMT. Squarepoint Ops LLC purchased a new position in Granite Point Mortgage Trust during the 4th quarter worth approximately $297,000. Municipal Employees Retirement System of Michigan bought a new stake in Granite Point Mortgage Trust in the fourth quarter worth $227,000. Norges Bank bought a new stake in Granite Point Mortgage Trust in the fourth quarter worth $3,895,000. State of Alaska Department of Revenue boosted its holdings in Granite Point Mortgage Trust by 18.8% in the first quarter. State of Alaska Department of Revenue now owns 17,235 shares of the company’s stock worth $320,000 after purchasing an additional 2,730 shares in the last quarter. Finally, Louisiana State Employees Retirement System lifted its position in Granite Point Mortgage Trust by 17.4% during the 1st quarter. Louisiana State Employees Retirement System now owns 19,100 shares of the company’s stock worth $355,000 after acquiring an additional 2,835 shares during the last quarter. Institutional investors own 72.45% of the company’s stock.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc 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. As of December 31, 2018, its investment portfolio includes 94 commercial real estate debt investments.

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