JMP Securities Reaffirms "Market Perform" Rating for Granite Point Mortgage Trust (NYSE:GPMT)

JMP Securities reissued their market perform rating on shares of Granite Point Mortgage Trust (NYSE:GPMT - Free Report) in a report released on Tuesday morning,Benzinga reports.

Several other analysts have also recently issued reports on the stock. Keefe, Bruyette & Woods raised shares of Granite Point Mortgage Trust from an "underperform" rating to a "market perform" rating and boosted their price objective for the company from $3.00 to $3.25 in a research note on Tuesday, December 10th. UBS Group increased their price target on Granite Point Mortgage Trust from $3.50 to $4.00 and gave the company a "buy" rating in a report on Friday, November 15th.

Granite Point Mortgage Trust Price Performance

NYSE:GPMT traded down $0.08 during mid-day trading on Tuesday, reaching $2.88. The company's stock had a trading volume of 386,121 shares, compared to its average volume of 352,728. The stock has a market cap of $143.83 million, a P/E ratio of -0.66 and a beta of 1.86. The company's fifty day simple moving average is $2.91 and its two-hundred day simple moving average is $2.96. Granite Point Mortgage Trust has a twelve month low of $2.46 and a twelve month high of $5.01.

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

Granite Point Mortgage Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 6.95%. Granite Point Mortgage Trust's dividend payout ratio is currently -4.56%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Gratia Capital LLC acquired a new position in Granite Point Mortgage Trust in the 4th quarter worth $1,953,000. Wolverine Asset Management LLC boosted its holdings in Granite Point Mortgage Trust by 209.2% in the fourth quarter. Wolverine Asset Management LLC now owns 493,848 shares of the company's stock valued at $1,378,000 after purchasing an additional 334,109 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Granite Point Mortgage Trust during the 4th quarter valued at approximately $634,000. JPMorgan Chase & Co. grew its stake in Granite Point Mortgage Trust by 121.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 281,251 shares of the company's stock valued at $892,000 after purchasing an additional 154,202 shares in the last quarter. Finally, Jane Street Group LLC increased its holdings in Granite Point Mortgage Trust by 120.4% during the 4th quarter. Jane Street Group LLC now owns 243,265 shares of the company's stock worth $679,000 after purchasing an additional 132,903 shares during the last quarter. 51.63% of the stock is currently owned by hedge funds and other institutional investors.

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.