Granite Point Mortgage Trust Inc. (NYSE:GPMT - Get Free Report)'s share price crossed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $1.28 and traded as low as $1.04. Granite Point Mortgage Trust shares last traded at $1.0501, with a volume of 561,487 shares.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on GPMT shares. Zacks Research lowered shares of Granite Point Mortgage Trust from a "hold" rating to a "strong sell" rating in a report on Friday, August 14th. UBS Group initiated coverage on Granite Point Mortgage Trust in a report on Thursday, July 16th. They issued a "neutral" rating and a $1.50 price objective on the stock. Compass Point set a $1.25 price target on shares of Granite Point Mortgage Trust in a research report on Wednesday, August 12th. Wall Street Zen downgraded shares of Granite Point Mortgage Trust to a "strong sell" rating in a research report on Saturday, August 15th. Finally, Keefe, Bruyette & Woods cut their price target on Granite Point Mortgage Trust from $1.50 to $1.25 and set a "market perform" rating on the stock in a research note on Wednesday, August 12th. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Granite Point Mortgage Trust has a consensus rating of "Reduce" and an average price target of $1.33.
View Our Latest Stock Analysis on Granite Point Mortgage Trust
Granite Point Mortgage Trust Stock Performance
The firm has a 50 day moving average of $1.28 and a 200-day moving average of $1.43. The stock has a market capitalization of $50.61 million, a PE ratio of -0.52 and a beta of 1.58.
Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate 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 analyst estimates of $7.85 million. On average, sell-side analysts predict that Granite Point Mortgage Trust Inc. will post -1.53 earnings per share for the current year.
Granite Point Mortgage Trust Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were paid a $0.05 dividend. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 19.0%. Granite Point Mortgage Trust's payout ratio is currently -9.95%.
Institutional Trading of Granite Point Mortgage Trust
Several hedge funds have recently added to or reduced their stakes in GPMT. LPL Financial LLC acquired a new position in Granite Point Mortgage Trust during the fourth quarter worth $25,000. Advisory Services Network LLC bought a new position in Granite Point Mortgage Trust during the third quarter worth about $26,000. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Granite Point Mortgage Trust during the 2nd quarter worth $28,000. Jump Financial LLC acquired a new position in Granite Point Mortgage Trust during the second quarter valued at approximately $31,000. Finally, Hudson Bay Capital Management LP bought a new position in shares of Granite Point Mortgage Trust in the second quarter worth about $31,000. Institutional investors and hedge funds own 51.63% of the company's stock.
About Granite Point Mortgage Trust
(
Get Free Report)
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.
See Also
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider Granite Point Mortgage Trust, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Granite Point Mortgage Trust wasn't on the list.
While Granite Point Mortgage Trust currently has a Reduce rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
