Granite Point Mortgage Trust (NYSE:GPMT) Rating Increased to Outperform at Credit Suisse Group

Granite Point Mortgage Trust (NYSE:GPMT) was upgraded by equities researchers at Credit Suisse Group from a “neutral” rating to an “outperform” rating in a research note issued on Friday, Price Targets.com reports. The brokerage presently has a $15.00 target price on the stock, up from their previous target price of $12.00. Credit Suisse Group’s price target would suggest a potential upside of 10.38% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. JPMorgan Chase & Co. upped their target price on Granite Point Mortgage Trust from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Monday, April 26th. Zacks Investment Research raised Granite Point Mortgage Trust from a “strong sell” rating to a “hold” rating in a research note on Monday, May 10th. JMP Securities upped their target price on Granite Point Mortgage Trust from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Friday, May 7th. Raymond James upped their target price on Granite Point Mortgage Trust from $11.00 to $13.50 and gave the company an “outperform” rating in a research note on Monday, March 15th. Finally, TheStreet raised Granite Point Mortgage Trust from a “d+” rating to a “c” rating in a research note on Tuesday, May 11th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $13.10.

Shares of NYSE:GPMT opened at $13.59 on Friday. The business’s 50 day simple moving average is $12.71 and its 200-day simple moving average is $10.61. The firm has a market capitalization of $748.92 million, a price-to-earnings ratio of -16.18 and a beta of 1.49. The company has a debt-to-equity ratio of 1.50, a current ratio of 5.65 and a quick ratio of 5.65. Granite Point Mortgage Trust has a 12 month low of $4.41 and a 12 month high of $13.73.

Granite Point Mortgage Trust (NYSE:GPMT) last announced its quarterly earnings results on Friday, March 5th. The company reported $0.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.06. Granite Point Mortgage Trust had a positive return on equity of 0.71% and a negative net margin of 18.85%. On average, equities analysts anticipate that Granite Point Mortgage Trust will post 1.04 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of GPMT. BlackRock Inc. grew its holdings in Granite Point Mortgage Trust by 4.0% in the 4th quarter. BlackRock Inc. now owns 10,274,232 shares of the company’s stock valued at $102,639,000 after buying an additional 397,577 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Granite Point Mortgage Trust by 80.4% during the 4th quarter. JPMorgan Chase & Co. now owns 509,491 shares of the company’s stock worth $5,090,000 after purchasing an additional 227,011 shares during the period. Barclays PLC grew its holdings in shares of Granite Point Mortgage Trust by 306.5% during the 1st quarter. Barclays PLC now owns 265,203 shares of the company’s stock worth $3,174,000 after purchasing an additional 199,961 shares during the period. Gratia Capital LLC purchased a new stake in shares of Granite Point Mortgage Trust during the 4th quarter worth about $1,633,000. Finally, FJ Capital Management LLC purchased a new stake in shares of Granite Point Mortgage Trust during the 4th quarter worth about $1,386,000. Institutional investors own 74.19% of the company’s stock.

Granite Point Mortgage Trust Company Profile

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, 2020, its investment portfolio includes 103 commercial real estate loan investments.

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