UBS Group Lowers Granite Point Mortgage Trust (NYSE:GPMT) Price Target to $3.50

Granite Point Mortgage Trust (NYSE:GPMT) had its price target dropped by research analysts at UBS Group from $3.75 to $3.50 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s price objective points to a potential upside of 24.78% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. JMP Securities reiterated a “market perform” rating on shares of Granite Point Mortgage Trust in a research note on Tuesday, February 18th. Keefe, Bruyette & Woods upgraded shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $3.00 to $3.25 in a report on Tuesday, December 10th.

Granite Point Mortgage Trust Stock Down 0.9 %

Shares of NYSE:GPMT traded down $0.03 during trading on Tuesday, hitting $2.81. The stock had a trading volume of 41,147 shares, compared to its average volume of 368,372. The company has a market capitalization of $140.13 million, a PE ratio of -0.64 and a beta of 1.86. The firm’s fifty day moving average is $2.90 and its 200 day moving average is $2.97. Granite Point Mortgage Trust 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 data on Thursday, February 13th. The company reported ($1.99) EPS for the quarter, missing the consensus estimate of ($0.73) by ($1.26). Granite Point Mortgage Trust had a negative return on equity of 14.08% and a negative net margin of 111.59%. The firm had revenue of $7.57 million during the quarter, compared to the consensus estimate of $7.90 million. Equities research analysts expect that Granite Point Mortgage Trust will post -2.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GPMT. FMR LLC raised its position in 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 purchasing an additional 5,836 shares during the period. MetLife Investment Management LLC raised its holdings in Granite Point Mortgage Trust by 104.8% in the 4th quarter. MetLife Investment Management LLC now owns 12,676 shares of the company’s stock valued at $35,000 after buying an additional 6,487 shares during the period. ProShare Advisors LLC acquired a new position in Granite Point Mortgage Trust in the fourth quarter valued at about $40,000. Tower Research Capital LLC TRC boosted its stake in Granite Point Mortgage Trust by 190.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 14,786 shares of the company’s stock worth $41,000 after buying an additional 9,697 shares during the period. Finally, Virtu Financial LLC acquired a new stake in shares of Granite Point Mortgage Trust during the fourth quarter valued at about $43,000. 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, 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.