Shares of Granite Point Mortgage Trust Inc (NYSE:GPMT) have been given a consensus rating of “Buy” by the eight brokerages that are currently covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $19.50.
Several brokerages have recently weighed in on GPMT. Zacks Investment Research cut Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a report on Thursday, July 26th. Compass Point restated a “buy” rating and set a $20.00 target price on shares of Granite Point Mortgage Trust in a report on Tuesday, August 7th. JPMorgan Chase & Co. boosted their target price on Granite Point Mortgage Trust from $18.00 to $19.00 and gave the stock a “$18.48” rating in a report on Monday, July 23rd. Keefe, Bruyette & Woods cut Granite Point Mortgage Trust from an “outperform” rating to a “market perform” rating in a report on Monday, July 30th. They noted that the move was a valuation call. Finally, BTIG Research began coverage on Granite Point Mortgage Trust in a report on Monday, October 8th. They set a “neutral” rating on the stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC acquired a new position in Granite Point Mortgage Trust in the second quarter valued at approximately $196,000. Atria Investments LLC acquired a new position in Granite Point Mortgage Trust in the second quarter valued at approximately $203,000. Advisors Asset Management Inc. lifted its holdings in Granite Point Mortgage Trust by 1,219.2% in the second quarter. Advisors Asset Management Inc. now owns 315,374 shares of the company’s stock valued at $242,000 after acquiring an additional 291,468 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in Granite Point Mortgage Trust in the third quarter valued at approximately $275,000. Finally, Louisiana State Employees Retirement System acquired a new position in Granite Point Mortgage Trust in the third quarter valued at approximately $370,000. Hedge funds and other institutional investors own 64.81% of the company’s stock.
Shares of Granite Point Mortgage Trust stock opened at $18.67 on Tuesday. The company has a market cap of $809.16 million, a PE ratio of 14.21, a P/E/G ratio of 0.56 and a beta of 0.15. Granite Point Mortgage Trust has a 1-year low of $16.15 and a 1-year high of $19.33. The company has a debt-to-equity ratio of 0.96, a quick ratio of 35.46 and a current ratio of 35.46.
Granite Point Mortgage Trust (NYSE:GPMT) last issued its earnings results on Monday, November 5th. The company reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.01. Granite Point Mortgage Trust had a return on equity of 6.87% and a net margin of 36.50%. As a group, analysts expect that Granite Point Mortgage Trust will post 1.53 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 18th. Investors of record on Tuesday, October 2nd were issued a $0.42 dividend. The ex-dividend date was Monday, October 1st. This is a boost from Granite Point Mortgage Trust’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 9.00%.
About Granite Point Mortgage Trust
Granite Point Mortgage Trust Inc 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. As of December 31, 2017, its investment portfolio includes 61 commercial real estate debt investments.
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