Granite Point Mortgage Trust (NYSE:GPMT) Price Target Lowered to $2.50 at Keefe, Bruyette & Woods

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) had its target price dropped by equities research analysts at Keefe, Bruyette & Woods from $2.75 to $2.50 in a report released on Monday,Benzinga reports. The brokerage presently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' price objective would indicate a potential upside of 36.24% from the stock's current price.

GPMT has been the subject of several other research reports. UBS Group lowered their price target on shares of Granite Point Mortgage Trust from $3.75 to $3.50 and set a "buy" rating for the company in a research report on Tuesday, February 25th. 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 Stock Performance

Shares of GPMT stock traded up $0.01 during mid-day trading on Monday, reaching $1.84. The company's stock had a trading volume of 280,795 shares, compared to its average volume of 416,099. The firm's 50-day moving average is $2.69 and its two-hundred day moving average is $2.94. Granite Point Mortgage Trust has a 1-year low of $1.76 and a 1-year high of $4.54. The company has a market cap of $89.64 million, a P/E ratio of -0.42 and a beta of 1.46.

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The company reported ($1.99) earnings per share for the quarter, missing analysts' consensus estimates of ($0.73) by ($1.26). The business had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.90 million. Granite Point Mortgage Trust had a negative net margin of 111.59% and a negative return on equity of 14.08%. Sell-side analysts anticipate that Granite Point Mortgage Trust will post -2.75 EPS for the current year.

Insider Buying and Selling

In related news, Director Patrick Gregory Halter acquired 34,001 shares of the business's stock in a transaction dated Tuesday, February 25th. The stock was bought at an average price 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 represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders acquired 34,770 shares of company stock worth $108,849. 2.30% of the stock is owned by insiders.

Institutional Trading of Granite Point Mortgage Trust

Several institutional investors and hedge funds have recently bought and sold shares of GPMT. Epiq Partners LLC grew its stake in Granite Point Mortgage Trust by 128.1% in the 1st quarter. Epiq Partners LLC now owns 1,241,150 shares of the company's stock valued at $3,227,000 after buying an additional 696,925 shares during the last quarter. ProShare Advisors LLC acquired a new position in shares of Granite Point Mortgage Trust in the fourth quarter valued at approximately $40,000. Millennium Management LLC increased its stake in shares of Granite Point Mortgage Trust by 112.5% during the fourth quarter. Millennium Management LLC now owns 28,222 shares of the company's stock worth $79,000 after purchasing an additional 14,941 shares during the period. Graham Capital Management L.P. lifted its holdings in Granite Point Mortgage Trust by 13.9% during the 4th quarter. Graham Capital Management L.P. now owns 32,850 shares of the company's stock worth $92,000 after purchasing an additional 4,015 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in Granite Point Mortgage Trust by 111.1% in the 4th quarter. Bank of America Corp DE now owns 64,806 shares of the company's stock valued at $181,000 after purchasing an additional 34,103 shares during the period. Institutional investors own 51.63% of the company's stock.

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.