Granite Point Mortgage Trust (NYSE:GPMT) Given New $2.50 Price Target at UBS Group

Granite Point Mortgage Trust (NYSE:GPMT - Free Report) had its price target lowered by UBS Group from $3.50 to $2.50 in a research note published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently issued reports on GPMT. Keefe, Bruyette & Woods dropped 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 report on Monday, April 7th. JMP Securities reaffirmed a "market perform" rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, February 18th.

Granite Point Mortgage Trust Trading Up 0.3 %

Shares of GPMT traded up $0.01 during midday trading on Wednesday, reaching $1.75. 817,783 shares of the stock were exchanged, compared to its average volume of 421,399. The company has a market capitalization of $85.24 million, a P/E ratio of -0.40 and a beta of 1.46. Granite Point Mortgage Trust has a 52 week low of $1.70 and a 52 week high of $4.54. The company's 50 day moving average is $2.57 and its two-hundred day moving average is $2.89.

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) last posted its earnings results on Thursday, February 13th. The company reported ($1.99) 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 business had revenue of $7.57 million for the quarter, compared to analysts' expectations of $7.90 million. On average, sell-side analysts expect that Granite Point Mortgage Trust will post -2.75 EPS for the current year.

Granite Point Mortgage Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 11.46%. The ex-dividend date of this dividend was Tuesday, April 1st. Granite Point Mortgage Trust's payout ratio is -4.56%.

Insider Activity at Granite Point Mortgage Trust

In related news, Director Patrick Gregory Halter acquired 34,001 shares of the firm's stock in a transaction dated Tuesday, February 25th. The stock was acquired at an average price of $2.80 per share, with a total value of $95,202.80. Following the acquisition, the director now directly owns 34,001 shares in the company, valued at $95,202.80. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have bought a total of 34,770 shares of company stock worth $108,849 over the last quarter. Insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. FMR LLC lifted its stake in shares of Granite Point Mortgage Trust by 237.2% in the 3rd 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. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Granite Point Mortgage Trust in the first quarter worth about $30,000. MetLife Investment Management LLC boosted its stake in shares of Granite Point Mortgage Trust by 104.8% during the 4th quarter. MetLife Investment Management LLC now owns 12,676 shares of the company's stock worth $35,000 after acquiring an additional 6,487 shares in the last quarter. ProShare Advisors LLC acquired a new stake in shares of Granite Point Mortgage Trust during the 4th quarter valued at about $40,000. Finally, Tower Research Capital LLC TRC raised its holdings in Granite Point Mortgage Trust by 190.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 14,786 shares of the company's stock worth $41,000 after purchasing an additional 9,697 shares during the period. 51.63% of the stock is owned by institutional investors and hedge funds.

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.