Mortgage

Granite Point Mortgage Trust (NYSE:GPMT) Upgraded to Buy at Zacks Investment Research

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Granite Point Mortgage Fund (NYSE: GPMT) Zacks Investment Research upgraded it from a “strong sell” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has a target price of $13.00 on the stock. Zacks Investment Research’s target price indicates a potential 8.79% upside from the company’s previous close.

According to Zacks, “Granite Point Mortgage Trust Inc. is primarily focused on the direct creation, investment in and management of floating rate commercial mortgage loans and other debt-like commercial real estate investments. Granite Point Mortgage Trust Inc. is headquartered in New York, United States.”

Separately, JMP Securities reissued a “buy” rating and set a $15.00 price target on shares of Granite Point Mortgage Trust in a report released on Thursday, December 23rd. One analyst has rated the stock with a hold rating and four analysts have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “buy” and an aggregate target price of $14.20.

GPMT shares opened at $11.95 on Wednesday. The Granite Point Mortgage Trust has a one-year low of $9.03 and a one-year high of $15.92. The 50-day moving average is $12.34. The company has a market capitalization of $642.78 million, a price-earnings ratio of 8.48 and a beta of 1.45.

Granite Point Mortgage Trust (NYSE: GPMT) published its latest quarterly earnings results on Monday, November 8th. The company reported earnings of $0.09 per share for the quarter, topping Zacks’ consensus estimate of $0.07 by $0.02. The Granite Point Mortgage Trust posted a net profit margin of 40.65% and a return on equity of 5.73%. During the same quarter in the previous year, the company earned $0.25 per share EPS. As a group, analysts expect Granite Point Mortgage Trust to report 0.88 earnings per share for the current fiscal year.

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Hedge funds have recently bought and sold shares of the company. Federated Hermes purchased a new position in Granite Point Mortgage Trust during the second quarter valued at $1,741,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Granite Point Mortgage Trust during the second quarter valued at approximately $305,000. SG Americas Securities LLC raised its position in shares of Granite Point Mortgage Trust by 48.4% during the second quarter. SG Americas Securities LLC now owns 3,977 shares of the company’s stock valued at $587,000 after acquiring an additional 12,971 shares during the last quarter. State Street Corp raised its position in shares of Granite Point Mortgage Trust by 3.9% during the second quarter. State Street Corp. now owns 2,012,178 shares of the company’s stock valued at $30,181,000 after acquiring an additional 75,701 shares during the last quarter. Finally, the Ontario Health Care Pension Plan Trust bought a new stake in Granite Point Mortgage Trust in the second quarter valued at approximately $1,238,000. Hedge funds and other institutional investors own 62.19% of the company’s stock.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust, Inc. operates as a real estate investment trust, which focuses on creating, investing in and managing floating rate commercial mortgage loans, and other debt and debt-like commercial real estate investments. The company was incorporated on April 7, 2017 and is headquartered in New York, New York.

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