Granite Point Mortgage Trust (NYSE:GPMT) Given New $1.25 Price Target at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods lowered Granite Point Mortgage Trust’s price target to $1.25 from $1.50 while maintaining a “market perform” rating, implying 1.62% upside from the prior close.
• Analyst sentiment is broadly negative: GPMT has a consensus “Reduce” rating and an average price target of $1.33, with three Hold ratings and one Sell rating.
• Shares fell 1.6% to $1.23 after the company reported a quarterly loss of $0.79 per share, missing estimates by $0.40; revenue of $8.27 million exceeded expectations.

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) had its price objective decreased by stock analysts at Keefe, Bruyette & Woods from $1.50 to $1.25 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' price objective would indicate a potential upside of 1.62% from the stock's previous close.

A number of other analysts have also recently weighed in on the stock. Wall Street Zen cut shares of Granite Point Mortgage Trust from a "hold" rating to a "sell" rating in a report on Saturday, June 6th. UBS Group assumed coverage on shares of Granite Point Mortgage Trust in a research report on Thursday, July 16th. They issued a "neutral" rating and a $1.50 price target for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Granite Point Mortgage Trust in a report on Friday, July 17th. Finally, Compass Point set a $1.25 target price on Granite Point Mortgage Trust in a research report on Wednesday. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and an average price target of $1.33.

Granite Point Mortgage Trust Trading Down 1.6%

Shares of GPMT stock traded down $0.02 on Wednesday, reaching $1.23. 71,120 shares of the stock were exchanged, compared to its average volume of 177,732. Granite Point Mortgage Trust has a twelve month low of $1.19 and a twelve month high of $3.12. The company has a market capitalization of $59.29 million, a price-to-earnings ratio of -0.61 and a beta of 1.61. The business's 50 day moving average price is $1.40 and its 200 day moving average price is $1.56.

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.40). Granite Point Mortgage Trust had a negative return on equity of 10.25% and a negative net margin of 73.75%.The business had revenue of $8.27 million for the quarter, compared to analysts' expectations of $7.85 million. Equities research analysts forecast that Granite Point Mortgage Trust will post -0.69 earnings per share for the current year.

Institutional Trading of Granite Point Mortgage Trust

A number of large investors have recently bought and sold shares of GPMT. Quantum Portfolio Management LLC acquired a new position in Granite Point Mortgage Trust in the first quarter valued at $66,580,000. Purpose Unlimited Inc. acquired a new stake in shares of Granite Point Mortgage Trust during the fourth quarter worth about $2,082,000. LPL Financial LLC acquired a new stake in shares of Granite Point Mortgage Trust during the fourth quarter worth about $25,000. Invested Advisors grew its holdings in shares of Granite Point Mortgage Trust by 50.6% during the fourth quarter. Invested Advisors now owns 32,767 shares of the company's stock worth $79,000 after buying an additional 11,010 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new position in shares of Granite Point Mortgage Trust during the third quarter worth about $26,000. Institutional investors and hedge funds own 51.63% of the company's stock.

About Granite Point Mortgage Trust

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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