Granite Point Mortgage Trust (NYSE:GPMT) Director Tanuja Dehne Sells 10,827 Shares of Stock

Granite Point Mortgage Trust Inc. (NYSE:GPMT) Director Tanuja Dehne sold 10,827 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $1.48, for a total value of $16,023.96. Following the sale, the director owned 109,632 shares of the company’s stock, valued at $162,255.36. This represents a 8.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Granite Point Mortgage Trust Trading Down 2.0%

NYSE:GPMT opened at $1.45 on Wednesday. Granite Point Mortgage Trust Inc. has a 12-month low of $1.24 and a 12-month high of $3.12. The stock has a 50-day moving average price of $1.44 and a 200 day moving average price of $1.92. The stock has a market capitalization of $69.48 million, a P/E ratio of -1.36 and a beta of 1.63.

Granite Point Mortgage Trust (NYSE:GPMT) last released its earnings results on Tuesday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.13. Granite Point Mortgage Trust had a negative return on equity of 11.31% and a negative net margin of 29.82%.The firm had revenue of $11.22 million during the quarter, compared to analysts’ expectations of $7.40 million. On average, research analysts predict 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 firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Wednesday, April 1st were given a dividend of $0.05 per share. The ex-dividend date was Wednesday, April 1st. This represents a $0.20 annualized dividend and a dividend yield of 13.8%. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is currently -18.69%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on GPMT shares. Wall Street Zen cut Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, April 21st. Finally, Compass Point set a $1.50 target price on Granite Point Mortgage Trust in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $2.50.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Several institutional investors have recently added to or reduced their stakes in GPMT. LPL Financial LLC purchased a new position in Granite Point Mortgage Trust during the 4th quarter valued at approximately $25,000. Advisory Services Network LLC purchased a new position in Granite Point Mortgage Trust during the 3rd quarter valued at approximately $26,000. B. Riley Wealth Advisors Inc. purchased a new position in Granite Point Mortgage Trust during the 2nd quarter valued at approximately $28,000. Hudson Bay Capital Management LP purchased a new position in Granite Point Mortgage Trust during the 2nd quarter valued at approximately $31,000. Finally, Jump Financial LLC purchased a new position in Granite Point Mortgage Trust during the 2nd quarter valued at approximately $31,000. Hedge funds and other institutional investors own 51.63% of the company’s stock.

Granite Point Mortgage Trust Company Profile

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.