The Vanguard Group, Inc. recently announced the acquisition of new stake in Granite Point Mortgage Trust Inc. (NYSE:GPMT). The institutional investor has increased its shareholding in the Real Estate company by 3.14% to 5.57 million shares with purchase of 0.17 million shares. This fresh investment now brings its stake to 10.09% valued currently at $39.96 million. In addition, Timbercreek Investment Management. raised its holdings by 29800.0 to 2.54 million shares. And Invesco Capital Management LLC has lifted its position by 0.11% or 2459.0 shares – to 2.31 million shares.
With over 0.53 million Granite Point Mortgage Trust Inc. (GPMT) shares trading Tuesday and a closing price of $6.70 on the day, the dollar volume was approximately $3.57 million. The shares have shown a positive weekly performance of 7.03% and its price on 07/21/20 gained nearly 3.55%. Currently, there are 55.06M common shares owned by the public and among those 54.04M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for GPMT have a consensus price objective of $7.42. The analysts have set the share’s price value over the next 12 months at a high of $10.00 and a low of $4.50 should the stock experience a downside. Incidentally, analysts’ outlook for the Granite Point Mortgage Trust Inc. stock is 2.70 for the next 12 months. The average price target is 10.67% above its last price level and an upside to the estimated low will see the stock lose -48.89% over that period. But an upside of 33.0% will see the stock hit the forecast high price target while mean target price for the stock is $7.00.
Insiders at the company have transacted a total of 26 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 12 of these insider trades were purchases, accounting for 254,112 shares. Insider sales of the common stock occurred on 14 occasions, with total insider shares sold totaling 62,416 shares.
The top 3 mutual fund holders in Granite Point Mortgage Trust Inc. are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market Index, and Thornburg Investment Income Build. iShares Core S&P Small Cap ETF owns 3.41 million shares of the company’s stock, all valued at over $24.47 million. Vanguard Total Stock Market Index bought 0.3 million shares to see its total holdings expand to 1.56 million shares valued at over $11.22 million and representing 2.83% of the shares outstanding. Thornburg Investment Income Build now owns shares totaling to 2.57% of the shares outstanding.
Shares of Granite Point Mortgage Trust Inc. (NYSE: GPMT) opened at $6.46, down -$0.01 from a prior closing price of $6.47. However, the script later closed the day at $6.70, up 3.55%. The company’s stock has a 5-day price change of 7.03% and 49.22% over the past three months. GPMT shares are trading -63.55% year to date (YTD), with the 12-month market performance down to -65.12% lower. It has a 12-month low price of $1.74 and touched a high of $19.31 over the same period. Currently, 0.53 million shares have been traded, compared to an average intraday trading volume of 1.69 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -0.94%, 7.08%, and -46.47% respectively.
Institutional ownership of Granite Point Mortgage Trust Inc. (NYSE: GPMT) shares accounts for 77.10% of the company’s 55.06M shares outstanding. Mutual fund holders own 37.73%, while other institutional holders and individual stakeholders account for 38.48% and 2.84% respectively.
It has a market capitalization of $368.30M. The stock’s trailing 12-month PE ratio is 22.56, while the earnings-per-share (ttm) stands at $0.30. The company has a PEG of 35.25 and the debt-to-equity ratio at 3.62. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.85% over the week and 6.87% over the month.
Analysts forecast that Granite Point Mortgage Trust Inc. (GPMT) will achieve an EPS of $0.25 for the current quarter, $0.25 for the next quarter and $0.95 for 2021. The lowest estimate earnings-per-share for the quarter is $0.16 while analysts give the company a high EPS estimate of $0.37. Comparatively, EPS for the current quarter was $0.36 a year ago. Earnings per share for the fiscal year are expected to decrease by -6.80%, and -10.63% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Granite Point Mortgage Trust Inc. (GPMT) as a “Moderate Buy” at a consensus score of 2.70. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 4 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the GPMT, a number of firms have released research notes about the stock. JMP Securities stated their Mkt Outperform rating for the stock in a research note on March 26, 2020, with the firm’s price target at $10. Credit Suisse coverage for the Granite Point Mortgage Trust Inc. (GPMT) stock in a research note released on January 08, 2020 offered a Neutral rating with a price target of $18. JMP Securities was of a view on January 02, 2020 that the stock is Mkt Perform, while Raymond James gave the stock Outperform rating on August 14, 2019, issuing a price target of $21- $20.50. JP Morgan on their part issued Neutral rating on January 16, 2019.