Palogic Value Management L.P. Cuts Stock Holdings in Granite Point Mortgage Trust Inc. (NYSE:GPMT)

Palogic Value Management L.P. cut its position in shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT) by 41.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 119,892 shares of the company’s stock after selling 85,500 shares during the period. Palogic Value Management L.P. owned 0.24% of Granite Point Mortgage Trust worth $334,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wolverine Asset Management LLC boosted its stake in shares of Granite Point Mortgage Trust by 209.2% during the 4th quarter. Wolverine Asset Management LLC now owns 493,848 shares of the company’s stock worth $1,378,000 after acquiring an additional 334,109 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Granite Point Mortgage Trust by 121.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 281,251 shares of the company’s stock worth $892,000 after purchasing an additional 154,202 shares during the period. Barclays PLC boosted its position in Granite Point Mortgage Trust by 64.4% during the third quarter. Barclays PLC now owns 115,750 shares of the company’s stock worth $367,000 after purchasing an additional 45,323 shares in the last quarter. Jane Street Group LLC grew its holdings in Granite Point Mortgage Trust by 28.3% in the third quarter. Jane Street Group LLC now owns 110,362 shares of the company’s stock valued at $350,000 after purchasing an additional 24,313 shares during the period. Finally, FMR LLC grew its holdings in Granite Point Mortgage Trust by 237.2% in the third quarter. FMR LLC now owns 8,296 shares of the company’s stock valued at $26,000 after purchasing an additional 5,836 shares during the period. Institutional investors and hedge funds own 51.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GPMT. Keefe, Bruyette & Woods upgraded Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and increased their target price for the company from $3.00 to $3.25 in a research report on Tuesday, December 10th. JMP Securities reaffirmed a “market perform” rating on shares of Granite Point Mortgage Trust in a report on Tuesday, February 18th. Finally, UBS Group cut their target price on shares of Granite Point Mortgage Trust from $3.75 to $3.50 and set a “buy” rating for the company in a research note on Tuesday, February 25th.

Insider Activity at Granite Point Mortgage Trust

In other news, Director Patrick Gregory Halter purchased 34,001 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were bought at an average cost of $2.80 per share, for a total transaction of $95,202.80. Following the completion of the purchase, the director now directly 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 is available at this link. Over the last quarter, insiders bought 34,770 shares of company stock valued at $108,849. 2.30% of the stock is owned by company insiders.

Granite Point Mortgage Trust Price Performance

Shares of NYSE:GPMT opened at $2.63 on Friday. Granite Point Mortgage Trust Inc. has a 1 year low of $2.46 and a 1 year high of $4.74. The firm has a market capitalization of $128.58 million, a PE ratio of -0.60 and a beta of 1.89. The business’s 50 day moving average price is $2.87 and its 200-day moving average price is $3.00.

Granite Point Mortgage Trust (NYSE:GPMT) last released 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). The business had revenue of $7.57 million for the quarter, compared to analysts’ expectations of $7.90 million. Granite Point Mortgage Trust had a negative return on equity of 14.08% and a negative net margin of 111.59%. As a group, analysts expect that Granite Point Mortgage Trust Inc. will post -2.75 earnings per share for the current year.

Granite Point Mortgage Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.05 per share. The ex-dividend date is Tuesday, April 1st. This represents a $0.20 annualized dividend and a dividend yield of 7.60%. Granite Point Mortgage Trust’s payout ratio is -4.56%.

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.