Granite Point Mortgage Trust (NYSE:GPMT) Price Target Cut to $2.50 by Analysts at Keefe, Bruyette & Woods

Granite Point Mortgage Trust (NYSE:GPMT) had its price target decreased by research analysts at Keefe, Bruyette & Woods from $2.75 to $2.50 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 17.37% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. JMP Securities restated a “market perform” rating on shares of Granite Point Mortgage Trust in a research note on Tuesday, February 18th. UBS Group decreased their price target 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.

Granite Point Mortgage Trust Price Performance

NYSE:GPMT opened at $2.13 on Monday. Granite Point Mortgage Trust has a 12 month low of $2.02 and a 12 month high of $4.55. The firm has a market capitalization of $104.05 million, a PE ratio of -0.49 and a beta of 1.46. The business’s fifty day moving average price is $2.82 and its 200 day moving average price is $2.99.

Granite Point Mortgage Trust (NYSE:GPMT) last released its quarterly earnings data on Thursday, February 13th. The company reported ($1.99) EPS for the quarter, missing analysts’ consensus estimates of ($0.73) by ($1.26). The business had revenue of $7.57 million during the quarter, compared to analysts’ expectations of $7.90 million. Granite Point Mortgage Trust had a negative net margin of 111.59% and a negative return on equity of 14.08%. As a group, equities analysts anticipate that Granite Point Mortgage Trust will post -2.75 EPS for the current year.

Insider Activity at Granite Point Mortgage Trust

In other Granite Point Mortgage Trust news, Director Patrick Gregory Halter bought 34,001 shares of Granite Point Mortgage Trust stock in a transaction on Tuesday, February 25th. The stock was bought at an average price of $2.80 per share, with a total value of $95,202.80. Following the completion of the acquisition, the director now owns 34,001 shares in the company, valued at $95,202.80. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders bought a total of 34,770 shares of company stock worth $108,849 over the last 90 days. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Granite Point Mortgage Trust

A number of institutional investors have recently added to or reduced their stakes in GPMT. ProShare Advisors LLC acquired a new stake in shares of Granite Point Mortgage Trust in the 4th quarter worth approximately $40,000. Millennium Management LLC increased its position in shares of Granite Point Mortgage Trust by 112.5% in the fourth quarter. Millennium Management LLC now owns 28,222 shares of the company’s stock valued at $79,000 after buying an additional 14,941 shares in the last quarter. Graham Capital Management L.P. raised its stake in shares of Granite Point Mortgage Trust by 13.9% during the 4th quarter. Graham Capital Management L.P. now owns 32,850 shares of the company’s stock worth $92,000 after buying an additional 4,015 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Granite Point Mortgage Trust by 111.1% in the 4th quarter. Bank of America Corp DE now owns 64,806 shares of the company’s stock worth $181,000 after buying an additional 34,103 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in Granite Point Mortgage Trust by 120.4% in the 4th quarter. Jane Street Group LLC now owns 243,265 shares of the company’s stock valued at $679,000 after acquiring an additional 132,903 shares during the last quarter. Hedge funds and other institutional investors own 51.63% of the company’s stock.

Granite Point Mortgage Trust Company Profile

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.