Granite Point Mortgage Trust Inc. (NYSE:GPMT) Short Interest Up 19.3% in March

Granite Point Mortgage Trust Inc. (NYSE:GPMT - Get Free Report) saw a significant growth in short interest in the month of March. As of March 15th, there was short interest totalling 1,300,000 shares, a growth of 19.3% from the February 28th total of 1,090,000 shares. Based on an average daily trading volume, of 391,500 shares, the days-to-cover ratio is presently 3.3 days. Currently, 2.8% of the shares of the company are short sold.

Insider Activity at Granite Point Mortgage Trust

In related news, Director Patrick Gregory Halter bought 34,001 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The shares were bought at an average cost of $2.80 per share, with a total value of $95,202.80. Following the acquisition, the director now owns 34,001 shares in the company, valued at $95,202.80. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders acquired 34,770 shares of company stock worth $108,849. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Several institutional investors have recently bought and sold shares of the stock. ProShare Advisors LLC bought a new position in shares of Granite Point Mortgage Trust during the 4th quarter valued at about $40,000. Millennium Management LLC lifted its position in shares of Granite Point Mortgage Trust by 112.5% in the fourth quarter. Millennium Management LLC now owns 28,222 shares of the company's stock worth $79,000 after buying an additional 14,941 shares in the last quarter. Graham Capital Management L.P. boosted its stake in Granite Point Mortgage Trust by 13.9% during the fourth quarter. Graham Capital Management L.P. now owns 32,850 shares of the company's stock valued at $92,000 after buying an additional 4,015 shares during the last quarter. Bank of America Corp DE grew its holdings in Granite Point Mortgage Trust by 111.1% during the 4th quarter. Bank of America Corp DE now owns 64,806 shares of the company's stock valued at $181,000 after buying an additional 34,103 shares in the last quarter. Finally, Jane Street Group LLC increased its stake in Granite Point Mortgage Trust by 120.4% in the 4th quarter. Jane Street Group LLC now owns 243,265 shares of the company's stock worth $679,000 after acquiring an additional 132,903 shares during the last quarter. 51.63% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on GPMT shares. UBS Group lowered their price objective on Granite Point Mortgage Trust from $3.75 to $3.50 and set a "buy" rating on the stock in a research report on Tuesday, February 25th. JMP Securities reaffirmed a "market perform" rating on shares of Granite Point Mortgage Trust in a report on Tuesday, February 18th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Granite Point Mortgage Trust from $2.75 to $2.50 and set a "market perform" rating for the company in a research report on Monday.

Granite Point Mortgage Trust Stock Performance

Shares of Granite Point Mortgage Trust stock traded down $0.22 during trading hours on Monday, hitting $2.00. The company's stock had a trading volume of 774,670 shares, compared to its average volume of 412,453. The company has a market cap of $97.46 million, a PE ratio of -0.45 and a beta of 1.46. The business has a 50 day moving average price of $2.80 and a two-hundred day moving average price of $2.99. Granite Point Mortgage Trust has a 12-month low of $1.96 and a 12-month high of $4.55.

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) last issued its earnings results on Thursday, February 13th. The company reported ($1.99) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.90 million. As a group, research analysts anticipate that Granite Point Mortgage Trust will post -2.75 earnings per share for the current year.

Granite Point Mortgage Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 10.03%. Granite Point Mortgage Trust's dividend payout ratio is -4.56%.

About Granite Point Mortgage Trust

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.