Granite Point Mortgage Trust (GPMT) Raised to Buy at Zacks Investment Research

Granite Point Mortgage Trust (NYSE:GPMT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm currently has a $21.00 price target on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.72% from the stock’s current price.

According to Zacks, “Granite Point Mortgage Trust Inc. focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point Mortgage Trust Inc. is headquatered in New York, United States. “

A number of other brokerages have also recently issued reports on GPMT. Compass Point reiterated a “buy” rating and set a $20.00 price objective on shares of Granite Point Mortgage Trust in a research note on Tuesday, August 7th. Keefe, Bruyette & Woods cut Granite Point Mortgage Trust from an “outperform” rating to a “market perform” rating in a research note on Monday, July 30th. They noted that the move was a valuation call. BTIG Research began coverage on Granite Point Mortgage Trust in a research note on Monday, October 8th. They set a “neutral” rating on the stock. Finally, JPMorgan Chase & Co. upped their price objective on Granite Point Mortgage Trust from $18.00 to $19.00 and gave the stock a “$18.48” rating in a research note on Monday, July 23rd. Four analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $19.67.

NYSE:GPMT traded down $0.01 during trading hours on Wednesday, reaching $18.63. 214,200 shares of the stock were exchanged, compared to its average volume of 377,633. Granite Point Mortgage Trust has a twelve month low of $16.15 and a twelve month high of $19.33. The company has a quick ratio of 35.46, a current ratio of 35.46 and a debt-to-equity ratio of 0.96. The company has a market cap of $837.84 million, a P/E ratio of 14.72, a price-to-earnings-growth ratio of 0.58 and a beta of 0.06.

Granite Point Mortgage Trust (NYSE:GPMT) last announced its quarterly earnings data on Monday, August 6th. The company reported $0.38 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.38. Granite Point Mortgage Trust had a return on equity of 6.87% and a net margin of 36.50%. The company had revenue of $22.84 million for the quarter, compared to analysts’ expectations of $41.20 million. As a group, analysts anticipate that Granite Point Mortgage Trust will post 1.54 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Wedbush Securities Inc. raised its stake in Granite Point Mortgage Trust by 44.2% in the 2nd quarter. Wedbush Securities Inc. now owns 21,826 shares of the company’s stock valued at $401,000 after acquiring an additional 6,694 shares during the period. Northern Trust Corp raised its stake in Granite Point Mortgage Trust by 1.5% in the 1st quarter. Northern Trust Corp now owns 618,882 shares of the company’s stock valued at $10,235,000 after acquiring an additional 8,966 shares during the period. Yorktown Management & Research Co Inc raised its stake in Granite Point Mortgage Trust by 3.8% in the 2nd quarter. Yorktown Management & Research Co Inc now owns 269,947 shares of the company’s stock valued at $4,954,000 after acquiring an additional 10,000 shares during the period. Commonwealth Equity Services LLC bought a new stake in Granite Point Mortgage Trust in the 2nd quarter valued at $196,000. Finally, Atria Investments LLC bought a new stake in Granite Point Mortgage Trust in the 2nd quarter valued at $203,000. Institutional investors and hedge funds own 65.17% of the company’s stock.

About Granite Point Mortgage Trust

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, 2017, its investment portfolio includes 61 commercial real estate debt investments.

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