Quantum Portfolio Management LLC Invests $66.58 Million in Granite Point Mortgage Trust Inc. $GPMT

Key Points

• Quantum Portfolio Management LLC reported a new first-quarter stake in Granite Point Mortgage Trust, buying 45.9 million shares valued at about $66.58 million. The holding made up 0.7% of its portfolio and was its 10th largest position.
• GPMT’s stock was trading around $1.44, near its 52-week low of $1.24 and well below its 52-week high of $3.12. The company has a market cap of about $68.8 million and has posted weak profitability metrics, including negative earnings and return on equity.
• Granite Point Mortgage Trust declared a quarterly dividend of $0.05 per share, implying an annualized yield of roughly 13.9%. Analysts are cautious overall, with a consensus rating of Hold and a price target of $2.50.

Quantum Portfolio Management LLC acquired a new stake in Granite Point Mortgage Trust Inc. (NYSE:GPMT - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 45,917,258 shares of the company's stock, valued at approximately $66,580,000. Granite Point Mortgage Trust makes up 0.7% of Quantum Portfolio Management LLC's portfolio, making the stock its 10th biggest position. Quantum Portfolio Management LLC owned about 95.82% of Granite Point Mortgage Trust at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GPMT. Purpose Unlimited Inc. acquired a new stake in shares of Granite Point Mortgage Trust during the 4th quarter worth about $2,082,000. Brevan Howard Capital Management LP acquired a new stake in Granite Point Mortgage Trust during the second quarter worth approximately $230,000. Barclays PLC grew its stake in Granite Point Mortgage Trust by 112.3% in the 4th quarter. Barclays PLC now owns 95,931 shares of the company's stock worth $230,000 after acquiring an additional 50,747 shares during the period. Bank of America Corp DE grew its stake in Granite Point Mortgage Trust by 32.1% in the 3rd quarter. Bank of America Corp DE now owns 66,148 shares of the company's stock worth $198,000 after acquiring an additional 16,089 shares during the period. Finally, Engineers Gate Manager LP raised its holdings in Granite Point Mortgage Trust by 18.5% in the 4th quarter. Engineers Gate Manager LP now owns 39,007 shares of the company's stock valued at $94,000 after acquiring an additional 6,102 shares during the last quarter. Hedge funds and other institutional investors own 51.63% of the company's stock.

Granite Point Mortgage Trust Stock Down 0.3%

Shares of NYSE GPMT opened at $1.44 on Thursday. Granite Point Mortgage Trust Inc. has a 52-week low of $1.24 and a 52-week high of $3.12. The firm has a fifty day moving average of $1.43 and a 200-day moving average of $1.73. The stock has a market capitalization of $68.77 million, a PE ratio of -1.34 and a beta of 1.61.

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.13. Granite Point Mortgage Trust had a negative return on equity of 11.31% and a negative net margin of 29.82%.The business had revenue of $11.22 million for the quarter, compared to analyst estimates of $7.40 million. Equities research analysts expect that Granite Point Mortgage Trust Inc. will post -0.69 EPS for the current fiscal year.

Granite Point Mortgage Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 13.9%. The ex-dividend date is Wednesday, July 1st. Granite Point Mortgage Trust's dividend payout ratio (DPR) is -18.69%.

Analyst Upgrades and Downgrades

GPMT has been the subject of a number of recent analyst reports. Compass Point set a $1.50 price objective on Granite Point Mortgage Trust in a research report on Monday, May 11th. Wall Street Zen cut Granite Point Mortgage Trust from a "hold" rating to a "sell" rating in a report on Saturday, June 6th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Granite Point Mortgage Trust in a research note on Tuesday, April 21st. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $2.50.

Granite Point Mortgage Trust Profile

Granite Point Mortgage Trust, Inc is a specialty finance company that invests directly in commercial real estate debt. The company focuses on originating, acquiring and managing senior preferred and mezzanine loans secured by income-producing real estate across diverse property types, including multifamily, office, industrial and retail assets. Granite Point Mortgage Trust operates as a real estate investment trust (REIT), providing investors with exposure to floating-rate commercial mortgage loan investments.

Granite Point's investment strategy centers on structuring loans to deliver attractive risk-adjusted returns, with portfolio allocations spanning senior loans, B-notes and mezzanine financings.

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