Granite Point Mortgage Trust (NYSE:GPMT) Price target lowered to $13.00 at Credit Suisse Group

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Granite Point Mortgage Trust (NYSE:GPMT – Get Noted) saw its target price lowered by stock analysts at Credit Suisse Group to $13.00 in a research note released Friday to investors, Stock Target Advisor reports. Credit Suisse Group’s price target suggests a potential upside of 33.06% from the stock’s previous close.

GPMT has been the subject of several other reports. JMP Securities restated a “buy” rating and issued a price target of $15.00 on shares of Granite Point Mortgage Trust in a Monday, March 28 report. Zacks Investment Research downgraded shares of Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a Wednesday, May 11 report.

Shares of Granite Point Mortgage Trust traded down $0.08 during Friday trading hours, hitting $9.77. 7,699 shares were traded, against an average volume of 383,622. The stock has a market capitalization of $526.21 million, a P/E ratio of 13.76 and a beta of 1.38. Granite Point Mortgage Trust has a 12 month minimum of $9.52 and a 12 month maximum of $15.92. The company’s 50-day moving average is $10.47 and its two-hundred-day moving average is $11.45.

Granite Point Mortgage Trust (NYSE: GPMT – Get Rating) last released quarterly earnings data on Tuesday, May 10. The company reported earnings per share of $0.05 for the quarter, beating the consensus estimate of $0.03 by $0.02. Granite Point Mortgage Trust had a net margin of 23.50% and a return on equity of 3.28%. In the same quarter of the previous year, the company achieved EPS of $0.36. As a group, sell-side analysts expect Granite Point Mortgage Trust to post year-to-date EPS of 0.57.

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Institutional investors have recently changed their stake in the company. Vanguard Group Inc. increased its stake in Granite Point Mortgage Trust by 1.4% in Q1. Vanguard Group Inc. now owns 4,703,298 shares of the company valued at $52,301,000 after purchasing an additional 64,535 shares during the period. State Street Corp raised its position in shares of Granite Point Mortgage Trust by 14.3% in the first quarter. State Street Corp now owns 2,379,392 shares of the company worth $27,021,000 after purchasing an additional 297,486 shares during the period. Invesco Ltd. raised its position in shares of Granite Point Mortgage Trust by 108.4% in the 1st quarter. Invesco Ltd. now owns 1,583,194 shares of the company worth $17,605,000 after purchasing an additional 823,363 shares during the period. Barclays PLC raised its position in shares of Granite Point Mortgage Trust by 7.0% in the fourth quarter. Barclays PLC now owns 703,489 shares in the company worth $8,238,000 after purchasing an additional 45,846 shares during the period. Finally, Beach Point Capital Management LP increased its position in shares of Granite Point Mortgage Trust by 14.2% in the 1st quarter. Beach Point Capital Management LP now owns 482,066 shares of the company worth $5,361,000 after purchasing an additional 60,000 shares during the period. Institutional investors and hedge funds hold 61.63% of the company’s shares.

Company Profile Granite Point Mortgage Trust (Get an assessment)

Granite Point Mortgage Trust Inc, a real estate investment trust, originates, invests in and manages variable rate commercial first mortgages and other debt and debt-like commercial real estate investments in the United States. The company provides medium-term bridging or transitional financing for a variety of purposes, including acquisitions, recapitalizations and refinancings, as well as a range of business plans, including leasing, renovation, repositioning and repurposing commercial property.

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