Keefe, Bruyette & Woods Issues Pessimistic Forecast for Granite Point Mortgage Trust (NYSE:GPMT) Stock Price

Granite Point Mortgage Trust (NYSE:GPMT) had its price objective decreased by analysts at Keefe, Bruyette & Woods from $2.75 to $2.50 in a report issued on Thursday,Benzinga reports. The firm currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 10.86% from the stock’s current price.

A number of other brokerages also recently issued reports on GPMT. Weiss Ratings reissued a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a report on Wednesday, October 8th. Zacks Research raised shares of Granite Point Mortgage Trust to a “hold” rating in a report on Friday, December 19th. Wall Street Zen upgraded shares of Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Compass Point set a $2.50 price target on shares of Granite Point Mortgage Trust in a research report on Thursday. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $2.83.

Granite Point Mortgage Trust Stock Performance

NYSE:GPMT opened at $2.26 on Thursday. The firm’s fifty day moving average is $2.60 and its two-hundred day moving average is $2.70. The firm has a market cap of $106.91 million, a price-to-earnings ratio of -1.57 and a beta of 1.72. Granite Point Mortgage Trust has a one year low of $1.61 and a one year high of $3.19.

Granite Point Mortgage Trust (NYSE:GPMT) last issued its quarterly earnings data on Wednesday, May 25th. The company reported $0.38 earnings per share (EPS) 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 business had revenue of $27.77 million during the quarter. As a group, equities research analysts predict that Granite Point Mortgage Trust will post -2.75 earnings per share for the current fiscal year.

Insider Transactions at Granite Point Mortgage Trust

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

Hedge Funds Weigh In On Granite Point Mortgage Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Granite Point Mortgage Trust by 5.8% during the third quarter. Vanguard Group Inc. now owns 2,442,107 shares of the company’s stock worth $7,326,000 after purchasing an additional 134,451 shares in the last quarter. Epiq Partners LLC increased its stake in Granite Point Mortgage Trust by 2.4% during the 3rd quarter. Epiq Partners LLC now owns 1,194,905 shares of the company’s stock worth $3,585,000 after buying an additional 28,405 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Granite Point Mortgage Trust by 9,425.4% during the second quarter. Marshall Wace LLP now owns 1,007,221 shares of the company’s stock valued at $2,488,000 after acquiring an additional 996,647 shares during the last quarter. Jane Street Group LLC lifted its position in shares of Granite Point Mortgage Trust by 1,020.8% in the second quarter. Jane Street Group LLC now owns 720,441 shares of the company’s stock valued at $1,779,000 after acquiring an additional 656,164 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its stake in shares of Granite Point Mortgage Trust by 9.4% in the first quarter. Acadian Asset Management LLC now owns 602,372 shares of the company’s stock worth $1,565,000 after acquiring an additional 51,780 shares during the last quarter. 51.63% of the stock is owned by hedge funds and other institutional investors.

About Granite Point Mortgage Trust

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.