Granite Point Mortgage Trust (NYSE:GPMT) Upgraded by Wall Street Zen to "Hold" Rating
Wall Street Zen upgraded Granite Point Mortgage Trust (NYSE:GPMT) from a "sell" to a "hold" rating. Other analysts have mixed views, with Weiss Ratings maintaining a "sell (d-)" rating, while UBS Group raised its price target from $3.25 to $3.50, giving a "buy" rating. The stock opened at $2.78, with a 12-month range of $1.61 to $3.66. Granite Point reported $0.38 EPS last quarter, with a negative net margin of 39.73%. Hedge funds own 51.63% of the stock, indicating significant institutional interest.
Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Saturday.
Other analysts have also issued research reports about the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Granite Point Mortgage Trust in a report on Wednesday, October 8th. Compass Point set a $3.00 price objective on Granite Point Mortgage Trust in a research report on Thursday, October 9th. Finally, UBS Group boosted their price objective on Granite Point Mortgage Trust from $3.25 to $3.50 and gave the company a "buy" rating in a research note on Wednesday, August 20th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Granite Point Mortgage Trust has an average rating of "Hold" and an average price target of $3.08.
Check Out Our Latest Stock Analysis on GPMT
Granite Point Mortgage Trust Trading Up 0.7%
Shares of NYSE GPMT opened at $2.78 on Friday. Granite Point Mortgage Trust has a 12-month low of $1.61 and a 12-month high of $3.66. The firm has a market capitalization of $131.80 million, a price-to-earnings ratio of -1.93 and a beta of 1.90. The firm has a 50 day moving average of $2.86 and a 200 day moving average of $2.61.
Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) last released its quarterly earnings results on Wednesday, May 25th. The company reported $0.38 earnings per share for the quarter. Granite Point Mortgage Trust had a negative net margin of 39.73% and a negative return on equity of 30.39%. The business had revenue of $27.77 million for the quarter. Sell-side analysts predict that Granite Point Mortgage Trust will post -2.75 EPS for the current year.
Insider Buying and Selling
In other Granite Point Mortgage Trust news, Director Lazar Nikolic purchased 3,000 shares of the company's stock in a transaction on Wednesday, August 13th. The stock was acquired at an average cost of $19.61 per share, for a total transaction of $58,830.00. Following the purchase, the director directly owned 4,193 shares of the company's stock, valued at $82,224.73. This trade represents a 251.47% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.10% of the company's stock.
Hedge Funds Weigh In On Granite Point Mortgage Trust
Hedge funds have recently modified their holdings of the stock. May Hill Capital LLC bought a new position in shares of Granite Point Mortgage Trust during the second quarter worth $28,000. B. Riley Wealth Advisors Inc. purchased a new stake in Granite Point Mortgage Trust in the 2nd quarter worth $28,000. Confluence Wealth Services Inc. bought a new position in shares of Granite Point Mortgage Trust during the 2nd quarter valued at about $29,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Granite Point Mortgage Trust during the 1st quarter valued at about $30,000. Finally, Hudson Bay Capital Management LP purchased a new position in shares of Granite Point Mortgage Trust during the second quarter valued at about $31,000. Hedge funds and other institutional investors own 51.63% of the company's stock.
Granite Point Mortgage Trust Company Profile
(Get Free Report)Granite Point Mortgage Trust Inc, a real estate investment trust, originates, invests in, and manages senior floating-rate commercial mortgage loans, and other debt and debt-like commercial real estate investments in the United States. The company provides intermediate-term bridge or transitional financing for various purposes, including acquisitions, recapitalizations, and refinancing, as well as a range of business plans, including lease-up, renovation, repositioning, and repurposing of the commercial property.
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