Insider Buying: Granite Point Mortgage Trust Inc. (NYSE:GPMT) Director Purchases 34,001 Shares of Stock

Granite Point Mortgage Trust Inc. (NYSE:GPMT) Director Patrick Gregory Halter bought 34,001 shares of Granite Point Mortgage Trust stock in a transaction dated Tuesday, February 25th. The stock was purchased at an average price of $2.80 per share, for a total transaction of $95,202.80. Following the purchase, the director now directly owns 34,001 shares in the company, valued at $95,202.80. This represents a ? increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Granite Point Mortgage Trust Stock Up 4.0 %

Shares of NYSE GPMT opened at $2.97 on Friday. The firm’s 50-day simple moving average is $2.88 and its 200 day simple moving average is $2.97. The company has a market cap of $148.13 million, a price-to-earnings ratio of -0.68 and a beta of 1.86. Granite Point Mortgage Trust Inc. has a 12-month low of $2.46 and a 12-month high of $5.01.

Granite Point Mortgage Trust (NYSE:GPMT) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($1.99) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.73) by ($1.26). The company 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 expect that Granite Point Mortgage Trust Inc. will post -2.75 earnings per share for the current year.

Granite Point Mortgage Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.20 annualized dividend and a yield of 6.75%. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is -4.56%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on GPMT shares. JMP Securities restated a “market perform” rating on shares of Granite Point Mortgage Trust in a research note on Tuesday, February 18th. UBS Group reduced their target price on shares of Granite Point Mortgage Trust from $3.75 to $3.50 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Keefe, Bruyette & Woods upgraded shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $3.00 to $3.25 in a research note on Tuesday, December 10th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in GPMT. Gratia Capital LLC bought a new stake in Granite Point Mortgage Trust during the 4th quarter worth about $1,953,000. Wolverine Asset Management LLC raised its holdings in Granite Point Mortgage Trust by 209.2% during the 4th quarter. Wolverine Asset Management LLC now owns 493,848 shares of the company’s stock worth $1,378,000 after purchasing an additional 334,109 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Granite Point Mortgage Trust during the 4th quarter worth about $634,000. JPMorgan Chase & Co. raised its holdings in Granite Point Mortgage Trust by 121.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 281,251 shares of the company’s stock worth $892,000 after purchasing an additional 154,202 shares during the last quarter. Finally, Jane Street Group LLC raised its holdings in Granite Point Mortgage Trust by 120.4% during the 4th quarter. Jane Street Group LLC now owns 243,265 shares of the company’s stock worth $679,000 after purchasing an additional 132,903 shares during the last quarter. Institutional investors and hedge funds 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.