Key Points
- Director Tanuja Dehne sold 10,827 shares of Granite Point Mortgage Trust on June 8 at an average price of $1.48, for proceeds of about $16,024. After the sale, she still owned 109,632 shares, a reduction of 8.99% in her holdings.
- The stock recently traded around $1.45, giving Granite Point Mortgage Trust a market value of roughly $69.5 million. Its shares have ranged from a 52-week low of $1.24 to a high of $3.12.
- Granite Point Trust reported better-than-expected quarterly results, with EPS of -$0.06 versus estimates of -$0.19 and revenue of $11.22 million versus $7.40 million expected. Analysts currently have a consensus Hold rating with an average price target of $2.50.
Granite Point Mortgage Trust Inc. (NYSE:GPMT - Get Free Report) Director Tanuja Dehne sold 10,827 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $1.48, for a total value of $16,023.96. Following the completion of the sale, the director directly owned 109,632 shares of the company's stock, valued at $162,255.36. The trade was a 8.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Granite Point Mortgage Trust Price Performance
NYSE:GPMT opened at $1.45 on Wednesday. The firm has a market capitalization of $69.48 million, a price-to-earnings ratio of -1.36 and a beta of 1.63. Granite Point Mortgage Trust Inc. has a 1 year low of $1.24 and a 1 year high of $3.12. The business has a 50 day simple moving average of $1.44 and a 200-day simple moving average of $1.92.
Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.13. The business had revenue of $11.22 million during the quarter, compared to analyst estimates of $7.40 million. Granite Point Mortgage Trust had a negative return on equity of 11.31% and a negative net margin of 29.82%. As a group, analysts expect that Granite Point Mortgage Trust Inc. will post -0.69 earnings per share for the current fiscal year.
Granite Point Mortgage Trust Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 13.8%. The ex-dividend date of this dividend was Wednesday, April 1st. Granite Point Mortgage Trust's dividend payout ratio (DPR) is presently -18.69%.
Analysts Set New Price Targets
Several equities research analysts have recently issued reports on GPMT shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Granite Point Mortgage Trust in a research note on Tuesday, April 21st. Compass Point set a $1.50 price objective on Granite Point Mortgage Trust in a research note on Monday, May 11th. Finally, Wall Street Zen lowered Granite Point Mortgage Trust from a "hold" rating to a "sell" rating in a research note on Saturday. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $2.50.
View Our Latest Report on GPMT
Institutional Investors Weigh In On Granite Point Mortgage Trust
A number of institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp increased its holdings in Granite Point Mortgage Trust by 2.1% during the 4th quarter. State Street Corp now owns 265,242 shares of the company's stock worth $650,000 after purchasing an additional 5,500 shares during the period. Engineers Gate Manager LP increased its holdings in Granite Point Mortgage Trust by 18.5% during the 4th quarter. Engineers Gate Manager LP now owns 39,007 shares of the company's stock worth $94,000 after purchasing an additional 6,102 shares during the period. Advisory Services Network LLC purchased a new position in Granite Point Mortgage Trust during the 3rd quarter worth $26,000. MetLife Investment Management LLC increased its holdings in Granite Point Mortgage Trust by 68.3% during the 1st quarter. MetLife Investment Management LLC now owns 21,334 shares of the company's stock worth $55,000 after purchasing an additional 8,658 shares during the period. Finally, LPL Financial LLC purchased a new position in Granite Point Mortgage Trust during the 4th quarter worth $25,000. 51.63% of the stock is owned by institutional investors.
Granite Point Mortgage Trust Company Profile
(
Get Free Report)
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.
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