Tanuja Dehne Sells 10,827 Shares of Granite Point Mortgage Trust (NYSE:GPMT) Stock

Granite Point Mortgage Trust Inc. (NYSE:GPMT) Director Tanuja Dehne sold 10,827 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $1.48, for a total transaction of $16,023.96. Following the transaction, the director owned 109,632 shares in the company, valued at approximately $162,255.36. This trade represents a 8.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Granite Point Mortgage Trust Price Performance

Shares of Granite Point Mortgage Trust stock opened at $1.45 on Thursday. The company has a market cap of $69.48 million, a price-to-earnings ratio of -1.36 and a beta of 1.63. The company’s 50 day moving average is $1.44 and its 200 day moving average is $1.91. Granite Point Mortgage Trust Inc. has a twelve month low of $1.24 and a twelve month high of $3.12.

Granite Point Mortgage Trust (NYSE:GPMT) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.13. The company had revenue of $11.22 million for the quarter, compared to the consensus estimate of $7.40 million. Granite Point Mortgage Trust had a negative net margin of 29.82% and a negative return on equity of 11.31%. Sell-side analysts expect that Granite Point Mortgage Trust Inc. will post -0.69 EPS for the current fiscal year.

Granite Point Mortgage Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st were given a $0.05 dividend. The ex-dividend date was Wednesday, April 1st. This represents a $0.20 annualized dividend and a yield of 13.8%. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is presently -18.69%.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Several institutional investors have recently bought and sold shares of GPMT. Quantum Portfolio Management LLC purchased a new position in Granite Point Mortgage Trust during the first quarter valued at $66,580,000. Marshall Wace LLP lifted its position in Granite Point Mortgage Trust by 9,425.4% during the second quarter. Marshall Wace LLP now owns 1,007,221 shares of the company’s stock valued at $2,488,000 after purchasing an additional 996,647 shares during the last quarter. Purpose Unlimited Inc. bought a new position in Granite Point Mortgage Trust during the fourth quarter valued at $2,082,000. Jane Street Group LLC lifted its position in Granite Point Mortgage Trust by 1,020.8% during the second quarter. Jane Street Group LLC now owns 720,441 shares of the company’s stock valued at $1,779,000 after purchasing an additional 656,164 shares during the last quarter. Finally, Two Sigma Investments LP bought a new position in Granite Point Mortgage Trust during the third quarter valued at $560,000. 51.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on GPMT shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Tuesday, April 21st. Wall Street Zen cut shares of Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Finally, Compass Point set a $1.50 price objective on shares of Granite Point Mortgage Trust in a research note on Monday, May 11th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Granite Point Mortgage Trust presently has an average rating of “Hold” and an average price target of $2.50.

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.