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

Granite Point Mortgage Trust (NYSE:GPMT) had its price objective cut by analysts at Keefe, Bruyette & Woods from $2.75 to $2.50 in a research note issued on Monday,Benzinga reports. The firm presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 32.63% from the company’s previous close.

GPMT has been the topic of several other research reports. JMP Securities restated a “market perform” rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, February 18th. UBS Group decreased their target price on Granite Point Mortgage Trust from $3.75 to $3.50 and set a “buy” rating on the stock in a report on Tuesday, February 25th.

Granite Point Mortgage Trust Stock Down 5.3 %

Shares of GPMT stock opened at $1.89 on Monday. The stock has a 50-day simple moving average of $2.76 and a 200 day simple moving average of $2.97. The stock has a market capitalization of $92.08 million, a P/E ratio of -0.43 and a beta of 1.46. Granite Point Mortgage Trust has a fifty-two week low of $1.87 and a fifty-two week high of $4.55.

Granite Point Mortgage Trust (NYSE:GPMT) last posted 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 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. On average, sell-side analysts anticipate that Granite Point Mortgage Trust will post -2.75 earnings per share for the current year.

Insider Transactions at Granite Point Mortgage Trust

In other Granite Point Mortgage Trust news, Director Patrick Gregory Halter bought 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 completion of the transaction, the director now directly owns 34,001 shares in the company, valued at approximately $95,202.80. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have bought a total of 34,770 shares of company stock valued at $108,849 over the last ninety days. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Graham Capital Management L.P. grew its stake 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 valued at $92,000 after acquiring an additional 4,015 shares in the last quarter. Corient Private Wealth LLC boosted its holdings in shares of Granite Point Mortgage Trust by 10.5% during the fourth quarter. Corient Private Wealth LLC now owns 47,666 shares of the company’s stock worth $133,000 after purchasing an additional 4,511 shares during the period. FMR LLC grew its position in Granite Point Mortgage Trust by 237.2% during 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 in the last quarter. MetLife Investment Management LLC increased its stake in 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. Finally, Wells Fargo & Company MN lifted its position in Granite Point Mortgage Trust by 23.7% in the 4th quarter. Wells Fargo & Company MN now owns 34,395 shares of the company’s stock worth $96,000 after buying an additional 6,599 shares in the last quarter. 51.63% of the stock is owned by institutional investors and hedge funds.

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.