BlackRock Fund Advisors 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 3.71% to 4.08 million shares with purchase of 0.15 million shares. This fresh investment now brings its stake to 7.92% valued currently at $22.46 million. In addition, The Vanguard Group, Inc. raised its holdings by 40387.0 to 2.74 million shares. And Geode Capital Management LLC has lifted its position by 3.00% or 30888.0 shares – to 1.06 million shares.
With over 0.44 million Granite Point Mortgage Trust Inc (GPMT) shares trading Friday and a closing price of $5.94 on the day, the dollar volume was approximately $2.63 million. The shares have shown a positive half year performance of 12.08% and its price on 12/29/23 lost nearly -2.94%. Currently, there are 52.35M common shares owned by the public and among those 50.52M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 4 analysts who have offered their price forecasts for GPMT have a consensus price objective of $6.69. The analysts have set the share’s price value over the next 12 months at a high of $8.00 and a low of $5.25. The average price target is 11.21% above its recent price level and a downside to the estimated low will see the stock lose -13.14% over that period. But an upside of 25.75% will see the stock hit the forecast high price target while median target price for the stock is $6.75.
Insiders at the company have transacted a total of 42 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 22 of these insider trades were purchases, accounting for 316,635 shares. Insider sales of the common stock occurred on 20 occasions, with total insider shares sold totaling 166,456 shares.
The top 3 mutual fund holders in Granite Point Mortgage Trust Inc are Vanguard Total Stock Market ETF, iShares Russell 2000 ETF, and Fuh Hwa FTSE Mortgage REITs ETF. Vanguard Total Stock Market ETF owns 1.59 million shares of the company’s stock, all valued at over $8.76 million. iShares Russell 2000 ETF bought 603.0 shares to see its total holdings expand to 1.23 million shares valued at over $6.75 million and representing 2.38% of the shares outstanding. Fuh Hwa FTSE Mortgage REITs ETF bought 5912.0 shares to bring its total holdings to over 0.85 million shares at a value of $4.69 million. Fuh Hwa FTSE Mortgage REITs ETF now owns shares totaling to 1.65% of the shares outstanding.
Shares of Granite Point Mortgage Trust Inc (NYSE: GPMT) opened at $6.07, down -$0.05 from a prior closing price of $6.12. However, the script later moved the day high at 6.08, down -2.94%. The company’s stock has a 5-day price change of -4.19% and 21.72% over the past three months. GPMT shares are trading 10.82% year to date (YTD), with the 12-month market performance up to 11.65% higher. It has a 12-month low price of $3.97 and touched a high of $7.07 over the same period. GPMT has an average intraday trading volume of 448.04K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.88%, 15.63%, and 17.76% respectively.
Institutional ownership of Granite Point Mortgage Trust Inc (NYSE: GPMT) shares accounts for 51.94% of the company’s 52.35M shares outstanding. Mutual fund holders own 29.12%, while other institutional holders and individual stakeholders account for 3.46% and 22.86% respectively.
It has a market capitalization of $306.39M and a beta (3y monthly) value of 1.86. The earnings-per-share (ttm) stands at -$1.37. The company has a debt-to-equity ratio at 2.47. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.30% over the week and 2.96% over the month.
Analysts forecast that Granite Point Mortgage Trust Inc (GPMT) will achieve an EPS of -$0.05 for the current quarter, -$0.1 for the next quarter and -$0.06 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.41 while analysts give the company a high EPS estimate of $0.17. Comparatively, EPS for the current quarter was -$0.16 a year ago. Earnings per share for the fiscal year are expected to increase by 4.07%, and -47.70% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 4 brokerage firm advisors rate Granite Point Mortgage Trust Inc (GPMT) as a “Moderate Buy” at a consensus score of 2.25. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 0 of the 4 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the GPMT, a number of firms have released research notes about the stock. UBS stated their Buy rating for the stock in a research note on December 06, 2023, with the firm’s price target at $6.50.
