Granite Point Mortgage Trust (NYSE:GPMT) Rating Lowered to “Strong Sell” at Wall Street Zen

Granite Point Mortgage Trust (NYSE:GPMT) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “strong sell” rating in a report released on Saturday.

A number of other research analysts have also recently commented on the company. Keefe, Bruyette & Woods reduced their target price on Granite Point Mortgage Trust from $2.75 to $2.50 and set a “market perform” rating on the stock in a research note on Thursday, January 8th. Zacks Research raised Granite Point Mortgage Trust to a “hold” rating in a research note on Friday, December 19th. Compass Point set a $2.05 price target on Granite Point Mortgage Trust in a research note on Friday, February 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Granite Point Mortgage Trust presently has a consensus rating of “Hold” and a consensus price target of $2.68.

Granite Point Mortgage Trust Price Performance

GPMT stock opened at $1.73 on Friday. Granite Point Mortgage Trust has a one year low of $1.61 and a one year high of $3.12. The stock has a market cap of $82.04 million, a PE ratio of -1.49 and a beta of 1.71. The firm has a 50 day simple moving average of $2.12 and a two-hundred day simple moving average of $2.55.

Granite Point Mortgage Trust (NYSE:GPMT) last issued its quarterly earnings results on Wednesday, February 11th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.10. Granite Point Mortgage Trust had a negative net margin of 31.24% and a negative return on equity of 15.52%. The firm had revenue of $10.55 million for the quarter, compared to analyst estimates of $10.22 million. On average, research analysts expect that Granite Point Mortgage Trust will post -2.75 EPS for the current fiscal year.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Several institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp increased its stake in Granite Point Mortgage Trust by 2.1% in the 4th quarter. State Street Corp now owns 265,242 shares of the company’s stock worth $650,000 after purchasing an additional 5,500 shares during the period. Engineers Gate Manager LP boosted its stake in shares of Granite Point Mortgage Trust by 18.5% during the fourth quarter. Engineers Gate Manager LP now owns 39,007 shares of the company’s stock valued at $94,000 after purchasing an additional 6,102 shares during the period. Abundance Wealth Counselors boosted its stake in shares of Granite Point Mortgage Trust by 4.0% during the third quarter. Abundance Wealth Counselors now owns 187,119 shares of the company’s stock valued at $561,000 after purchasing an additional 7,204 shares during the period. Advisory Services Network LLC bought a new position in shares of Granite Point Mortgage Trust in the third quarter worth approximately $26,000. Finally, MetLife Investment Management LLC grew its holdings in shares of 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 worth $55,000 after purchasing an additional 8,658 shares during the last quarter. 51.63% of the stock is currently owned by institutional investors.

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.