Insider Buying: Granite Point Mortgage Trust Inc. (NYSE:GPMT) Director Purchases $95,202.80 in Stock

Granite Point Mortgage Trust Inc. (NYSE:GPMT) Director Patrick Gregory Halter purchased 34,001 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was purchased at an average cost of $2.80 per share, for a total transaction of $95,202.80. Following the transaction, the director now owns 34,001 shares of the company’s stock, valued at approximately $95,202.80. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Granite Point Mortgage Trust Trading Up 4.0 %

Shares of GPMT stock opened at $2.97 on Friday. Granite Point Mortgage Trust Inc. has a 1 year low of $2.46 and a 1 year high of $5.01. The firm’s fifty day simple moving average is $2.88 and its 200 day simple moving average is $2.97. The firm has a market capitalization of $148.13 million, a P/E ratio of -0.68 and a beta of 1.86.

Granite Point Mortgage Trust (NYSE:GPMT) last announced its earnings results on Thursday, February 13th. The company reported ($1.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.73) by ($1.26). Granite Point Mortgage Trust had a negative return on equity of 14.08% and a negative net margin of 111.59%. The company had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.90 million. Equities research analysts anticipate that Granite Point Mortgage Trust Inc. will post -2.75 EPS for the current fiscal year.

Granite Point Mortgage Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $0.05 per share. The ex-dividend date was Tuesday, December 31st. This represents a $0.20 dividend on an annualized basis and a yield of 6.75%. Granite Point Mortgage Trust’s dividend payout ratio is currently -4.56%.

Institutional Investors Weigh In On Granite Point Mortgage Trust

A number of institutional investors have recently bought and sold shares of GPMT. FMR LLC boosted its stake in Granite Point Mortgage Trust by 237.2% during the third quarter. FMR LLC now owns 8,296 shares of the company’s stock worth $26,000 after buying an additional 5,836 shares in the last quarter. MetLife Investment Management LLC boosted its stake in Granite Point Mortgage Trust by 104.8% during the fourth quarter. MetLife Investment Management LLC now owns 12,676 shares of the company’s stock worth $35,000 after buying an additional 6,487 shares in the last quarter. ProShare Advisors LLC acquired a new stake in Granite Point Mortgage Trust during the fourth quarter worth $40,000. Tower Research Capital LLC TRC boosted its stake in Granite Point Mortgage Trust by 190.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 14,786 shares of the company’s stock worth $41,000 after buying an additional 9,697 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in Granite Point Mortgage Trust during the fourth quarter worth $43,000. Institutional investors and hedge funds own 51.63% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. JMP Securities reissued a “market perform” rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, February 18th. Keefe, Bruyette & Woods raised shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and boosted their target price for the stock from $3.00 to $3.25 in a research report on Tuesday, December 10th. Finally, UBS Group dropped their target price on shares of Granite Point Mortgage Trust from $3.75 to $3.50 and set a “buy” rating on the stock in a research report on Tuesday.

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.