Wolverine Asset Management LLC Raises Position in Granite Point Mortgage Trust Inc. (NYSE:GPMT)

Wolverine Asset Management LLC lifted its stake in Granite Point Mortgage Trust Inc. (NYSE:GPMT) by 209.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 493,848 shares of the company’s stock after purchasing an additional 334,109 shares during the quarter. Wolverine Asset Management LLC owned about 0.99% of Granite Point Mortgage Trust worth $1,378,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. FMR LLC raised its stake in shares of Granite Point Mortgage Trust by 237.2% in the third quarter. FMR LLC now owns 8,296 shares of the company’s stock valued at $26,000 after acquiring an additional 5,836 shares during the period. Intech Investment Management LLC purchased a new stake in Granite Point Mortgage Trust in the 3rd quarter worth about $46,000. M&T Bank Corp bought a new stake in Granite Point Mortgage Trust in the third quarter worth about $61,000. SG Americas Securities LLC purchased a new position in shares of Granite Point Mortgage Trust during the third quarter valued at approximately $66,000. Finally, GSA Capital Partners LLP grew its stake in shares of Granite Point Mortgage Trust by 25.7% during the third quarter. GSA Capital Partners LLP now owns 54,223 shares of the company’s stock valued at $172,000 after buying an additional 11,101 shares during the last quarter. Hedge funds and other institutional investors own 51.63% of the company’s stock.

Granite Point Mortgage Trust Stock Performance

Shares of NYSE GPMT opened at $2.88 on Friday. Granite Point Mortgage Trust Inc. has a 52-week low of $2.46 and a 52-week high of $5.01. The firm has a market capitalization of $143.83 million, a price-to-earnings ratio of -0.66 and a beta of 1.86. The stock has a 50 day moving average price of $2.91 and a 200 day moving average price of $2.96.

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

Granite Point Mortgage Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 6.95%. The ex-dividend date was Tuesday, December 31st. Granite Point Mortgage Trust’s payout ratio is -4.56%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. UBS Group boosted their price objective on Granite Point Mortgage Trust from $3.50 to $4.00 and gave the company a “buy” rating in a report on Friday, November 15th. Keefe, Bruyette & Woods raised 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. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Granite Point Mortgage Trust in a research note on Tuesday.

Granite Point Mortgage Trust Profile

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.