Granite Point Mortgage Trust Inc. (NYSE:GPMT) Shares Shorted: Short Interest Down 93.6% in October

Granite Point Mortgage Trust Inc. (NYSE:GPMT) was the target of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totaling 38,940 shares, a decrease of 93.6% from the September 30th total of 608,476 shares. Based on an average daily volume of 50,027 shares, the days-to-cover ratio is currently 0.8 days. Approximately 0.9% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Zacks Research upgraded Granite Point Mortgage Trust from a “strong sell” rating to a “hold” rating in a report on Friday, October 9th. Wall Street Zen lowered Granite Point Mortgage Trust to a “strong sell” rating in a report on Saturday, August 15th. Weiss Ratings cut Granite Point Mortgage Trust from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, October 8th. Keefe, Bruyette & Woods reduced their price target on Granite Point Mortgage Trust from $15.00 to $12.50 and set a “market perform” rating for the company in a research report on Wednesday, August 12th. Finally, Compass Point set a $12.50 price target on Granite Point Mortgage Trust in a research note on Wednesday, August 12th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus target price of $13.33.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Institutional investors and hedge funds have recently modified their holdings of the business. Quantum Portfolio Management LLC purchased a new stake in shares of Granite Point Mortgage Trust during the 1st quarter valued at $66,580,000. Sei Investments Co. grew its stake 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 worth $126,000 after buying an additional 50,926 shares during the last quarter. Finally, Cura Wealth Advisors LLC grew its stake in Granite Point Mortgage Trust by 0.5% during the 1st quarter. Cura Wealth Advisors LLC now owns 1,905,078 shares of the company’s stock worth $2,762,000 after buying an additional 10,412 shares during the last quarter. 51.63% of the stock is currently owned by institutional investors and hedge funds.

Granite Point Mortgage Trust Price Performance

Granite Point Mortgage Trust stock traded up $0.09 during trading hours on Monday, hitting $4.92. The company had a trading volume of 14,787 shares, compared to its average volume of 44,641. The firm has a market cap of $23.72 million, a PE ratio of -0.24 and a beta of 1.64. Granite Point Mortgage Trust has a one year low of $4.47 and a one year high of $28.50. The firm has a 50-day moving average of $8.48 and a 200 day moving average of $14.15.

Granite Point Mortgage Trust (NYSE:GPMT) last announced its earnings results on Wednesday, August 5th. The company reported ($7.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($3.90) by ($4.00). The firm had revenue of $8.27 million for the quarter, compared to the consensus estimate of $7.85 million. Granite Point Mortgage Trust had a negative return on equity of 10.25% and a negative net margin of 73.75%. As a group, research analysts expect that Granite Point Mortgage Trust will post -15.30 earnings per share for the current year.

Granite Point Mortgage Trust Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st were given a $0.01 dividend. The ex-dividend date of this dividend was Thursday, October 1st. 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 dividend yield of 0.8%. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is presently -1.99%.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc is a real estate investment trust that focuses on commercial real estate finance. The company originates, acquires and manages commercial real estate debt investments, with an emphasis on floating-rate, senior mortgage loans secured by properties in major U.S. markets.

Its investments generally support transitional commercial properties, including office, multifamily, industrial, hotel, retail and mixed-use assets. Granite Point typically provides financing to property owners and investors seeking capital for acquisitions, renovations, repositioning or other business plans intended to enhance a property’s value.

Granite Point was established in 2015 and became a publicly traded company in 2017.