Granite Point Mortgage Trust (NYSE:GPMT) Stock Rating Lowered by Wall Street Zen

Granite Point Mortgage Trust (NYSE:GPMT) was downgraded by Wall Street Zen from a “hold” rating to a “strong sell” rating in a research report issued on Saturday.

Other analysts also recently issued research reports about the stock. Compass Point set a $2.05 price objective on shares of Granite Point Mortgage Trust in a report on Friday, February 13th. Zacks Research upgraded Granite Point Mortgage Trust to a “hold” rating in a report on Friday, December 19th. Keefe, Bruyette & Woods dropped their price target on Granite Point Mortgage Trust from $2.75 to $2.50 and set a “market perform” rating for the company in a research report on Thursday, January 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $2.68.

Granite Point Mortgage Trust Stock Down 1.4%

Shares of GPMT opened at $1.73 on Friday. Granite Point Mortgage Trust has a 52-week low of $1.61 and a 52-week high of $3.12. The firm’s fifty day moving average is $2.12 and its two-hundred day moving average is $2.55. The stock has a market cap of $82.04 million, a PE ratio of -1.49 and a beta of 1.72.

Granite Point Mortgage Trust (NYSE:GPMT) last released its earnings results on Wednesday, February 11th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.10. The business had revenue of $10.55 million during the quarter, compared to analyst estimates of $10.22 million. Granite Point Mortgage Trust had a negative net margin of 31.24% and a negative return on equity of 15.52%. As a group, research analysts anticipate that Granite Point Mortgage Trust will post -2.75 earnings per share for the current year.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Several institutional investors and hedge funds have recently modified their holdings of GPMT. Advisory Services Network LLC acquired a new position in Granite Point Mortgage Trust during the 3rd quarter worth about $26,000. LPL Financial LLC acquired a new position in Granite Point Mortgage Trust in the 4th quarter valued at about $25,000. B. Riley Wealth Advisors Inc. purchased a new stake in Granite Point Mortgage Trust during the second quarter worth about $28,000. Hudson Bay Capital Management LP purchased a new stake in Granite Point Mortgage Trust during the second quarter worth about $31,000. Finally, Jump Financial LLC acquired a new stake in shares of Granite Point Mortgage Trust during the second quarter worth about $31,000. 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 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.