Granite Point Mortgage Trust (NYSE:GPMT) Downgraded by Raymond James to Outperform

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Raymond James lowered shares of Granite Point Mortgage Trust (NYSE:GPMT) from a strong-buy rating to an outperform rating in a report published on Tuesday, The Fly reports.

Separately, Zacks Investment Research raised Granite Point Mortgage Trust from a sell rating to a hold rating in a report on Wednesday, July 31st.

NYSE GPMT opened at $18.46 on Tuesday. The stock’s 50 day simple moving average is $19.02. Granite Point Mortgage Trust has a one year low of $17.45 and a one year high of $19.69. The company has a debt-to-equity ratio of 1.44, a quick ratio of 28.84 and a current ratio of 28.84. The company has a market cap of $1.01 billion, a price-to-earnings ratio of 13.00 and a beta of 0.39.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings data on Monday, August 5th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.03). Granite Point Mortgage Trust had a return on equity of 7.57% and a net margin of 31.28%. The firm had revenue of $27.83 million for the quarter, compared to analyst estimates of $28.90 million. On average, research analysts anticipate that Granite Point Mortgage Trust will post 1.46 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 19th. Shareholders of record on Friday, July 5th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 9.10%. The ex-dividend date was Wednesday, July 3rd. Granite Point Mortgage Trust’s dividend payout ratio is 118.31%.

In other news, General Counsel Rebecca B. Sandberg sold 1,610 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of $18.92, for a total value of $30,461.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Stephen Alpart sold 3,128 shares of the stock in a transaction on Monday, June 24th. The shares were sold at an average price of $18.92, for a total value of $59,181.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,075 shares of company stock worth $133,859. Company insiders own 2.00% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Berman Capital Advisors LLC lifted its stake in shares of Granite Point Mortgage Trust by 144.3% in the 1st quarter. Berman Capital Advisors LLC now owns 1,434 shares of the company’s stock valued at $26,000 after purchasing an additional 847 shares during the period. Victory Capital Management Inc. acquired a new position in shares of Granite Point Mortgage Trust in the 1st quarter valued at $42,000. Nisa Investment Advisors LLC lifted its stake in shares of Granite Point Mortgage Trust by 378.0% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,390 shares of the company’s stock valued at $44,000 after purchasing an additional 1,890 shares during the period. Catalyst Capital Advisors LLC acquired a new position in shares of Granite Point Mortgage Trust in the 1st quarter valued at $48,000. Finally, Quadrant Capital Group LLC lifted its stake in shares of Granite Point Mortgage Trust by 176.8% in the 1st quarter. Quadrant Capital Group LLC now owns 3,139 shares of the company’s stock valued at $57,000 after purchasing an additional 2,005 shares during the period. 72.45% of the stock is currently owned by institutional investors.

Granite Point Mortgage Trust Company Profile

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, 2018, its investment portfolio includes 94 commercial real estate debt investments.

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