Granite Point Mortgage Trust Inc. (NYSE:GPMT) Short Interest Update

Granite Point Mortgage Trust Inc. (NYSE:GPMT) was the target of a large growth in short interest during the month of February. As of February 27th, there was short interest totaling 126,892 shares, a growth of 113.0% from the February 12th total of 59,579 shares. Based on an average trading volume of 262,842 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.3% of the shares of the company are sold short. Currently, 0.3% of the shares of the company are sold short. Based on an average trading volume of 262,842 shares, the days-to-cover ratio is currently 0.5 days.

Granite Point Mortgage Trust Stock Performance

Shares of GPMT traded down $0.03 during mid-day trading on Thursday, reaching $1.62. 24,276 shares of the company’s stock traded hands, compared to its average volume of 201,843. The business’s 50-day moving average price is $2.08 and its 200-day moving average price is $2.53. The stock has a market capitalization of $76.81 million, a P/E ratio of -1.39 and a beta of 1.71. Granite Point Mortgage Trust has a 12 month low of $1.61 and a 12 month high of $3.12.

Granite Point Mortgage Trust (NYSE:GPMT) last issued its quarterly earnings data on Wednesday, February 11th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.10. The business had revenue of $10.55 million during the quarter, compared to analyst estimates of $10.22 million. Granite Point Mortgage Trust had a negative return on equity of 15.52% and a negative net margin of 31.24%. Equities research analysts anticipate that Granite Point Mortgage Trust will post -2.75 EPS for the current year.

Granite Point Mortgage Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Tuesday, December 30th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 12.4%. The ex-dividend date of this dividend was Tuesday, December 30th. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is -17.24%.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Large investors have recently bought and sold shares of the stock. Truffle Hound Capital LLC bought a new stake in shares of Granite Point Mortgage Trust during the 2nd quarter worth $988,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Granite Point Mortgage Trust in the 2nd quarter worth about $113,000. Catalyst Funds Management Pty Ltd purchased a new stake in Granite Point Mortgage Trust during the second quarter valued at about $57,000. MetLife Investment Management LLC boosted its holdings in shares of Granite Point Mortgage Trust by 68.3% in the first quarter. MetLife Investment Management LLC now owns 21,334 shares of the company’s stock worth $55,000 after buying an additional 8,658 shares during the period. Finally, Jump Financial LLC acquired a new stake in shares of Granite Point Mortgage Trust during the second quarter valued at approximately $31,000. Institutional investors and hedge funds own 51.63% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on GPMT shares. Compass Point set a $2.05 target price on shares of Granite Point Mortgage Trust in a research note on Friday, February 13th. Keefe, Bruyette & Woods dropped their price objective on shares of Granite Point Mortgage Trust from $2.75 to $2.50 and set a “market perform” rating on the stock in a research note on Thursday, January 8th. Wall Street Zen downgraded Granite Point Mortgage Trust from a “hold” rating to a “strong sell” rating in a research note on Saturday, March 7th. Zacks Research upgraded Granite Point Mortgage Trust to a “hold” rating in a research report on Friday, December 19th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $2.68.

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.