UBS Group Lowers Granite Point Mortgage Trust (NYSE:GPMT) Price Target to $3.50

Granite Point Mortgage Trust (NYSE:GPMT) had its target price lowered by UBS Group from $3.75 to $3.50 in a report issued on Tuesday morning,Benzinga reports. UBS Group currently has a buy rating on the stock.

A number of other analysts also recently issued reports on GPMT. JMP Securities restated a “market perform” rating on shares of Granite Point Mortgage Trust in a report on Tuesday, February 18th. Keefe, Bruyette & Woods upgraded Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and lifted their target price for the company from $3.00 to $3.25 in a research report on Tuesday, December 10th.

Granite Point Mortgage Trust Stock Down 1.9 %

Shares of NYSE:GPMT opened at $2.78 on Tuesday. Granite Point Mortgage Trust has a 52-week low of $2.46 and a 52-week high of $5.01. The stock has a market cap of $138.63 million, a P/E ratio of -0.63 and a beta of 1.86. The business has a fifty day moving average of $2.89 and a two-hundred day moving average of $2.97.

Granite Point Mortgage Trust (NYSE:GPMT) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($1.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.73) by ($1.26). Granite Point Mortgage Trust had a negative net margin of 111.59% and a negative return on equity of 14.08%. The firm had revenue of $7.57 million during the quarter, compared to analysts’ expectations of $7.90 million. On average, equities analysts anticipate that Granite Point Mortgage Trust will post -2.75 earnings per share for the current year.

Granite Point Mortgage Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 7.21%. The ex-dividend date of this dividend was Tuesday, December 31st. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is -4.56%.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Hedge funds have recently made changes to their positions in the stock. FMR LLC raised its position in Granite Point Mortgage Trust by 237.2% in the third quarter. FMR LLC now owns 8,296 shares of the company’s stock valued at $26,000 after purchasing an additional 5,836 shares during the period. MetLife Investment Management LLC raised its holdings in shares of Granite Point Mortgage Trust by 104.8% in the 4th quarter. MetLife Investment Management LLC now owns 12,676 shares of the company’s stock valued at $35,000 after buying an additional 6,487 shares during the period. ProShare Advisors LLC acquired a new position in Granite Point Mortgage Trust during the 4th quarter worth about $40,000. Tower Research Capital LLC TRC boosted its holdings in Granite Point Mortgage Trust by 190.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 14,786 shares of the company’s stock valued at $41,000 after acquiring an additional 9,697 shares during the period. Finally, Virtu Financial LLC acquired a new position in Granite Point Mortgage Trust in the 4th quarter valued at about $43,000. Hedge funds and other institutional investors own 51.63% of the company’s stock.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc, a real estate investment trust, 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. The company provides intermediate-term bridge or transitional financing for various purposes, including acquisitions, recapitalizations, and refinancing, as well as a range of business plans, including lease-up, renovation, repositioning, and repurposing of the commercial property.