Granite Point Mortgage Trust (NYSE:GPMT) Now Covered by Analysts at UBS Group

Key Points

• UBS Group initiated coverage on Granite Point Mortgage Trust with a neutral rating and a $1.50 price target, implying about 7.37% upside from the current share price.
• Analyst sentiment remains cautious overall: the stock now has an average rating of “Reduce” and an average target price of $1.83, with other recent calls including a downgrade to sell.
• Granite Point Mortgage Trust beat quarterly expectations, reporting EPS of -$0.06 versus estimates for -$0.19 and revenue of $11.22 million, even though the company remains unprofitable.

Equities research analysts at UBS Group initiated coverage on shares of Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) in a report issued on Thursday, Marketbeat Ratings reports. The brokerage set a "neutral" rating and a $1.50 price target on the stock. UBS Group's price objective would suggest a potential upside of 7.37% from the stock's current price.

Several other equities analysts also recently issued reports on GPMT. Compass Point set a $1.50 price objective on shares of Granite Point Mortgage Trust in a research note on Monday, May 11th. Wall Street Zen cut shares of Granite Point Mortgage Trust from a "hold" rating to a "sell" rating in a research report on Saturday, June 6th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Granite Point Mortgage Trust in a report on Tuesday, April 21st. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Granite Point Mortgage Trust presently has an average rating of "Reduce" and an average target price of $1.83.

Granite Point Mortgage Trust Price Performance

GPMT traded up $0.02 during midday trading on Thursday, reaching $1.40. 28,247 shares of the company's stock were exchanged, compared to its average volume of 178,761. Granite Point Mortgage Trust has a 1-year low of $1.24 and a 1-year high of $3.12. The stock has a market capitalization of $66.94 million, a PE ratio of -1.31 and a beta of 1.61. The business's 50-day moving average price is $1.42 and its 200 day moving average price is $1.69.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GPMT. LPL Financial LLC acquired a new position in Granite Point Mortgage Trust during the 4th quarter worth approximately $25,000. Advisory Services Network LLC purchased a new stake in shares of Granite Point Mortgage Trust during the third quarter valued at approximately $26,000. B. Riley Wealth Advisors Inc. acquired a new position in shares of Granite Point Mortgage Trust during the second quarter worth $28,000. Jump Financial LLC acquired a new position in shares of Granite Point Mortgage Trust during the second quarter worth $31,000. Finally, Hudson Bay Capital Management LP purchased a new position in shares of Granite Point Mortgage Trust in the second quarter valued at $31,000. Institutional investors and hedge funds own 51.63% of the company's stock.

Granite Point Mortgage Trust Company 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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