Short Interest in Granite Point Mortgage Trust Inc. (NYSE:GPMT) Grows By 113.0%

Granite Point Mortgage Trust Inc. (NYSE:GPMT) was the target of a significant increase in short interest in the month of February. As of February 27th, there was short interest totaling 126,892 shares, an increase of 113.0% from the February 12th total of 59,579 shares. Currently, 0.3% of the shares of the stock are sold short. Based on an average trading volume of 262,842 shares, the days-to-cover ratio is currently 0.5 days. Based on an average trading volume of 262,842 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.3% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

GPMT has been the subject of a number of analyst reports. Compass Point set a $2.05 price objective on Granite Point Mortgage Trust in a report on Friday, February 13th. Keefe, Bruyette & Woods decreased their price objective on shares of Granite Point Mortgage Trust from $2.75 to $2.50 and set a “market perform” rating on the stock in a research note on Thursday, January 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a report on Thursday, January 22nd. Wall Street Zen downgraded Granite Point Mortgage Trust from a “hold” rating to a “strong sell” rating in a report on Saturday, March 7th. Finally, Zacks Research raised Granite Point Mortgage Trust to a “hold” rating in a report on Friday, December 19th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $2.68.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. MetLife Investment Management LLC boosted its stake in shares of Granite Point Mortgage Trust by 68.3% in the 1st quarter. MetLife Investment Management LLC now owns 21,334 shares of the company’s stock valued at $55,000 after purchasing an additional 8,658 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Granite Point Mortgage Trust by 473.4% during the first quarter. AQR Capital Management LLC now owns 156,518 shares of the company’s stock worth $407,000 after buying an additional 129,222 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Granite Point Mortgage Trust in the second quarter valued at approximately $113,000. Truffle Hound Capital LLC acquired a new position in Granite Point Mortgage Trust in the second quarter valued at approximately $988,000. Finally, Catalyst Funds Management Pty Ltd bought a new position in Granite Point Mortgage Trust in the second quarter valued at approximately $57,000. 51.63% of the stock is currently owned by institutional investors and hedge funds.

Granite Point Mortgage Trust Stock Up 0.3%

Shares of NYSE GPMT opened at $1.59 on Friday. Granite Point Mortgage Trust has a 12-month low of $1.57 and a 12-month high of $3.12. The firm’s 50-day simple moving average is $2.04 and its 200 day simple moving average is $2.51. The company has a market cap of $75.38 million, a price-to-earnings ratio of -1.37 and a beta of 1.71.

Granite Point Mortgage Trust (NYSE:GPMT) last announced its quarterly earnings data on Wednesday, February 11th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.10. The firm had revenue of $10.55 million for the quarter, compared to analyst estimates of $10.22 million. Granite Point Mortgage Trust had a negative return on equity of 15.52% and a negative net margin of 31.24%. On average, equities analysts expect that Granite Point Mortgage Trust will post -2.75 earnings per share for the current year.

Granite Point Mortgage Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Tuesday, December 30th were given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 12.6%. The ex-dividend date was Tuesday, December 30th. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is presently -17.24%.

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.