Granite Point Mortgage Trust (NYSE:GPMT) Stock to Reverse Split on Tuesday, October 6th

Granite Point Mortgage Trust Inc. (NYSE:GPMT)’s stock is set to reverse split before the market opens on Tuesday, October 6th. The 1-10 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Monday, October 5th.

Granite Point Mortgage Trust Stock Performance

GPMT stock traded up $0.10 during midday trading on Thursday, reaching $0.94. 345,457 shares of the company traded hands, compared to its average volume of 305,191. Granite Point Mortgage Trust has a 52-week low of $0.81 and a 52-week high of $3.03. The business has a 50 day moving average of $1.14 and a 200-day moving average of $1.34. The firm has a market capitalization of $45.12 million, a price-to-earnings ratio of -0.47 and a beta of 1.58.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.40). The company had revenue of $8.27 million during the quarter, compared to the consensus estimate of $7.85 million. Granite Point Mortgage Trust had a negative net margin of 73.75% and a negative return on equity of 10.25%. Research analysts anticipate that Granite Point Mortgage Trust will post -1.53 earnings per share for the current year.

Granite Point Mortgage Trust Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, October 1st will be given a $0.01 dividend. This is a drop from Granite Point Mortgage Trust’s previous quarterly dividend of $0.05. This represents a $0.04 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Thursday, October 1st. Granite Point Mortgage Trust’s dividend payout ratio is -9.95%.

Analysts Set New Price Targets

GPMT has been the topic of several recent analyst reports. Keefe, Bruyette & Woods reduced their target price on shares of Granite Point Mortgage Trust from $1.50 to $1.25 and set a “market perform” rating on the stock in a research note on Wednesday, August 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Friday, July 17th. Zacks Research downgraded shares of Granite Point Mortgage Trust from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. UBS Group initiated coverage on shares of Granite Point Mortgage Trust in a research report on Thursday, July 16th. They issued a “neutral” rating and a $1.50 price objective on the stock. Finally, Compass Point set a $1.25 price objective on shares of Granite Point Mortgage Trust in a research report on Wednesday, August 12th. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $1.33.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sei Investments Co. increased its position in Granite Point Mortgage Trust by 140.5% during the 1st quarter. Sei Investments Co. now owns 87,167 shares of the company’s stock valued at $126,000 after purchasing an additional 50,926 shares during the period. Purpose Unlimited Inc. bought a new position in shares of Granite Point Mortgage Trust during the fourth quarter valued at approximately $2,082,000. Cura Wealth Advisors LLC boosted its stake in shares of Granite Point Mortgage Trust by 0.5% during the first quarter. Cura Wealth Advisors LLC now owns 1,905,078 shares of the company’s stock valued at $2,762,000 after purchasing an additional 10,412 shares in the last quarter. Finally, Quantum Portfolio Management LLC purchased a new position in Granite Point Mortgage Trust during the first quarter valued at approximately $66,580,000. 51.63% of the stock is currently owned by institutional investors.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc (NYSE:GPMT) is a real estate investment trust focused on commercial real estate finance. The company originates, invests in and manages commercial real estate debt investments, with an emphasis on floating-rate senior mortgage loans secured by properties in the United States.

Granite Point generally provides financing for transitional commercial properties—assets that may require leasing, renovation, redevelopment or other improvements before reaching stabilized operating performance.