Raymond James Downgrades Granite Point Mortgage Trust (NYSE:GPMT) to Outperform

Raymond James cut shares of Granite Point Mortgage Trust (NYSE:GPMT) from a strong-buy rating to an outperform rating in a research report report published on Tuesday morning, BenzingaRatingsTable reports. They currently have $20.50 price objective on the stock, down from their previous price objective of $21.00.

Separately, Zacks Investment Research raised shares of Granite Point Mortgage Trust from a sell rating to a hold rating in a research note on Wednesday, July 31st.

GPMT stock opened at $18.17 on Tuesday. The stock has a market capitalization of $996.63 million, a P/E ratio of 12.80 and a beta of 0.39. The firm has a 50-day simple moving average of $18.99 and a 200-day simple moving average of $18.96. The company has a quick ratio of 28.84, a current ratio of 28.84 and a debt-to-equity ratio of 1.44. Granite Point Mortgage Trust has a 52 week low of $17.45 and a 52 week high of $19.69.

Granite Point Mortgage Trust (NYSE:GPMT) last announced its quarterly earnings data on Monday, August 5th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.03). Granite Point Mortgage Trust had a net margin of 31.28% and a return on equity of 7.57%. The business had revenue of $27.83 million for the quarter, compared to analysts’ expectations of $28.90 million. On average, analysts expect that Granite Point Mortgage Trust will post 1.46 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 19th. Investors of record on Friday, July 5th were paid a dividend of $0.42 per share. The ex-dividend date was Wednesday, July 3rd. This represents a $1.68 annualized dividend and a yield of 9.25%. Granite Point Mortgage Trust’s dividend payout ratio is presently 118.31%.

In other news, General Counsel Rebecca B. Sandberg sold 1,610 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $18.92, for a total value of $30,461.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stephen Alpart sold 3,128 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $18.92, for a total transaction of $59,181.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,075 shares of company stock valued at $133,859. 2.00% of the stock is owned by corporate insiders.

Several institutional investors have recently bought and sold shares of the company. Voloridge Investment Management LLC grew its holdings in Granite Point Mortgage Trust by 231.1% in the second quarter. Voloridge Investment Management LLC now owns 77,505 shares of the company’s stock valued at $1,487,000 after purchasing an additional 54,096 shares during the period. Nuveen Asset Management LLC purchased a new stake in Granite Point Mortgage Trust during the second quarter worth approximately $8,153,000. Price T Rowe Associates Inc. MD lifted its position in shares of Granite Point Mortgage Trust by 5.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 49,874 shares of the company’s stock worth $957,000 after purchasing an additional 2,508 shares in the last quarter. OneAscent Financial Services LLC acquired a new position in shares of Granite Point Mortgage Trust during the second quarter worth $202,000. Finally, UBS Asset Management Americas Inc. lifted its position in shares of Granite Point Mortgage Trust by 9.0% during the second quarter. UBS Asset Management Americas Inc. now owns 47,990 shares of the company’s stock worth $921,000 after purchasing an additional 3,947 shares in the last quarter. 72.45% of the stock is owned by institutional investors and hedge funds.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc 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. As of December 31, 2018, its investment portfolio includes 94 commercial real estate debt investments.

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