Granite Point Mortgage Trust (NYSE:GPMT) Price Target Cut to $2.50 by Analysts at Keefe, Bruyette & Woods

Granite Point Mortgage Trust (NYSE:GPMT) had its target price lowered by equities research analysts at Keefe, Bruyette & Woods from $2.75 to $2.50 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 17.37% from the company’s previous close.

Several other analysts also recently issued reports on GPMT. JMP Securities reiterated a “market perform” rating on shares of Granite Point Mortgage Trust in a report on Tuesday, February 18th. UBS Group decreased their price target on Granite Point Mortgage Trust from $3.75 to $3.50 and set a “buy” rating for the company in a report on Tuesday, February 25th.

Granite Point Mortgage Trust Trading Down 10.9 %

Granite Point Mortgage Trust stock opened at $2.13 on Monday. Granite Point Mortgage Trust has a 52 week low of $2.02 and a 52 week high of $4.55. The stock has a market cap of $104.05 million, a PE ratio of -0.49 and a beta of 1.46. The stock has a 50-day moving average price of $2.82 and a 200 day moving average price of $2.99.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its earnings results on Thursday, February 13th. The company reported ($1.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.73) by ($1.26). The business had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.90 million. Granite Point Mortgage Trust had a negative return on equity of 14.08% and a negative net margin of 111.59%. On average, equities analysts predict that Granite Point Mortgage Trust will post -2.75 EPS for the current year.

Insider Activity

In related news, Director Patrick Gregory Halter purchased 34,001 shares of Granite Point Mortgage Trust stock in a transaction dated Tuesday, February 25th. The shares were acquired at an average price of $2.80 per share, with a total value of $95,202.80. Following the completion of the transaction, the director now owns 34,001 shares of the company’s stock, valued at approximately $95,202.80. This trade represents a ? increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders acquired 34,770 shares of company stock worth $108,849. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. ProShare Advisors LLC bought a new stake in shares of Granite Point Mortgage Trust in the 4th quarter valued at approximately $40,000. Millennium Management LLC increased its stake in Granite Point Mortgage Trust by 112.5% during the fourth quarter. Millennium Management LLC now owns 28,222 shares of the company’s stock valued at $79,000 after purchasing an additional 14,941 shares during the last quarter. Graham Capital Management L.P. raised its holdings in shares of Granite Point Mortgage Trust by 13.9% during the fourth quarter. Graham Capital Management L.P. now owns 32,850 shares of the company’s stock worth $92,000 after purchasing an additional 4,015 shares during the period. Bank of America Corp DE boosted its holdings in shares of Granite Point Mortgage Trust by 111.1% in the 4th quarter. Bank of America Corp DE now owns 64,806 shares of the company’s stock valued at $181,000 after buying an additional 34,103 shares during the period. Finally, Jane Street Group LLC raised its stake in Granite Point Mortgage Trust by 120.4% during the fourth quarter. Jane Street Group LLC now owns 243,265 shares of the company’s stock worth $679,000 after acquiring an additional 132,903 shares during the period. Institutional investors own 51.63% of the company’s stock.

About Granite Point Mortgage Trust

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.