Short Interest in Granite Point Mortgage Trust Inc. (NYSE:GPMT) Grows By 21.7%

Granite Point Mortgage Trust Inc. (NYSE:GPMT) was the target of a large increase in short interest during the month of February. As of February 15th, there was short interest totalling 1,040,000 shares, an increase of 21.7% from the January 31st total of 854,300 shares. Based on an average daily trading volume, of 396,900 shares, the short-interest ratio is currently 2.6 days. Currently, 2.2% of the shares of the company are sold short.

Insider Activity at Granite Point Mortgage Trust

In other news, Director Patrick Gregory Halter purchased 34,001 shares of Granite Point Mortgage Trust stock in a transaction that occurred on Tuesday, February 25th. The stock was acquired at an average cost of $2.80 per share, for a total transaction of $95,202.80. Following the purchase, the director now directly owns 34,001 shares of the company’s stock, valued at $95,202.80. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have purchased 34,770 shares of company stock worth $108,849. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Hedge funds and other institutional investors have recently modified their holdings of the business. ProShare Advisors LLC acquired a new stake in Granite Point Mortgage Trust in the fourth quarter valued at about $40,000. Millennium Management LLC boosted its stake in shares of Granite Point Mortgage Trust by 112.5% in the 4th quarter. Millennium Management LLC now owns 28,222 shares of the company’s stock valued at $79,000 after purchasing an additional 14,941 shares in the last quarter. Graham Capital Management L.P. boosted its stake in shares of Granite Point Mortgage Trust by 13.9% in the 4th quarter. Graham Capital Management L.P. now owns 32,850 shares of the company’s stock valued at $92,000 after purchasing an additional 4,015 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Granite Point Mortgage Trust by 111.1% during the 4th quarter. Bank of America Corp DE now owns 64,806 shares of the company’s stock valued at $181,000 after purchasing an additional 34,103 shares during the last quarter. Finally, Jane Street Group LLC increased its position in Granite Point Mortgage Trust by 120.4% during the 4th quarter. Jane Street Group LLC now owns 243,265 shares of the company’s stock worth $679,000 after purchasing an additional 132,903 shares in the last quarter. Institutional investors own 51.63% of the company’s stock.

Granite Point Mortgage Trust Stock Performance

GPMT opened at $2.82 on Friday. Granite Point Mortgage Trust has a 52-week low of $2.46 and a 52-week high of $5.01. The firm has a market cap of $140.63 million, a P/E ratio of -0.64 and a beta of 1.86. The business’s fifty day moving average is $2.88 and its 200-day moving average is $2.98.

Granite Point Mortgage Trust (NYSE:GPMT) last announced its quarterly earnings data on Thursday, February 13th. The company reported ($1.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.73) by ($1.26). The firm had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.90 million. Granite Point Mortgage Trust had a negative return on equity of 14.08% and a negative net margin of 111.59%. On average, research analysts predict that Granite Point Mortgage Trust will post -2.75 earnings per share for the current fiscal 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 paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 7.10%. The ex-dividend date was Tuesday, December 31st. Granite Point Mortgage Trust’s payout ratio is presently -4.56%.

Analyst Ratings Changes

GPMT has been the topic of several research reports. JMP Securities restated 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 research report on Tuesday, December 10th. Finally, UBS Group lowered their target price on shares of Granite Point Mortgage Trust from $3.75 to $3.50 and set a “buy” rating on the stock in a report on Tuesday, February 25th.

About Granite Point Mortgage Trust

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.