Granite Point Mortgage Trust (NYSE:GPMT) Earns Neutral Rating from Analysts at UBS Group

UBS Group began coverage on shares of Granite Point Mortgage Trust (NYSE:GPMT) in a research note released on Thursday morning, Marketbeat Ratings reports. The brokerage issued a neutral rating and a $1.50 target price on the stock.

GPMT has been the topic of a number of other research reports. Wall Street Zen lowered shares of Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Compass Point set a $1.50 price objective on shares of Granite Point Mortgage Trust in a report on Monday, May 11th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, April 21st. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $1.83.

Granite Point Mortgage Trust Trading Down 0.4%

Shares of NYSE GPMT opened at $1.40 on Thursday. Granite Point Mortgage Trust has a 12 month low of $1.24 and a 12 month high of $3.12. The firm has a market capitalization of $66.85 million, a price-to-earnings ratio of -1.30 and a beta of 1.61. The business has a 50-day moving average of $1.41 and a 200-day moving average of $1.68.

Granite Point Mortgage Trust (NYSE:GPMT) last announced its earnings results on Tuesday, May 5th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.13. Granite Point Mortgage Trust had a negative net margin of 29.82% and a negative return on equity of 11.31%. The business had revenue of $11.22 million for the quarter, compared to the consensus estimate of $7.40 million. On average, analysts predict that Granite Point Mortgage Trust will post -0.69 earnings per share for the current year.

Granite Point Mortgage Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were issued a $0.05 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $0.20 annualized dividend and a dividend yield of 14.3%. Granite Point Mortgage Trust’s payout ratio is currently -18.69%.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Several institutional investors have recently bought and sold shares of GPMT. LPL Financial LLC bought a new position in Granite Point Mortgage Trust during the 4th quarter worth approximately $25,000. Advisory Services Network LLC bought a new stake in Granite Point Mortgage Trust in the third quarter valued at approximately $26,000. B. Riley Wealth Advisors Inc. bought a new stake in Granite Point Mortgage Trust in the second quarter valued at approximately $28,000. Jump Financial LLC purchased a new stake in shares of Granite Point Mortgage Trust during the second quarter valued at approximately $31,000. Finally, Hudson Bay Capital Management LP purchased a new stake in shares of Granite Point Mortgage Trust during the second quarter valued at approximately $31,000. 51.63% of the stock is currently owned by hedge funds and other 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.