On May 26, 2023, Mirae Asset Global Investments Co. Ltd. announced a significant reduction from its position in Granite Point Mortgage Trust Inc. (NYSE:GPMT). According to its most recent Form 13F filing with the Securities and Exchange Commission (SEC), the portfolio management company lowered its holdings by 12.2% during the fourth quarter, selling 63,444 shares and retaining ownership of 455,910 shares of the company’s stock. The fund’s stake was worth $2,444,000 as per latest report.
These changes come after Granite Point Mortgage Trust’s below-expectation earnings report on February 24th which showed an EPS of ($0.17), falling short against analysts’ projected $0.18 per share earnings for the quarter. With revenue figures soaring at $61.42 million and exceeding estimates of $19.40 million, these lackluster performances have garnered criticism for the commercial real estate investment firm.
Despite being a young enterprise established in April 7th, 2017 that has yet to stand on solid ground and operate long enough for investors to build faith and trust upon them; Granite Point Mortgage Trust had faced unfavorable challenges let alone their continuous quest towards prosperity; with negative net margins standing at around thirty-five percent (34.44%), return on equity has levelled at a modest three point eight percent (3.08%).
Specializing in senior floating-rate commercial mortgage loans from various avenues of therapeutic investment avenues in real estate developments such as debt-like commercial real estate ventures amongst many other types with over six billion dollars in assets under management currently.
Potential investors interested may have reservations due to perceived inconsistencies however it is prudent not to underestimate any company’s capacity for growth despite dubious positive financial output this far into its journey- economic factors are fluid; what one day appears as weakly performing could be experiencing an upward trend soon enough.
As predicted by research analysts, Granite Point Mortgage Trust Inc. will post 0.61 EPS for the current fiscal year and with uncertainties investors visualising a rosy future could double down on its stock or invest prudently thereby enhancing one’s diversified portfolio rather than go all in with GPMT shares right out of the gate. Time will reveal its veracity but wise precaution should not be understated.
Institutional investors and hedge funds increase stakes in Granite Point Mortgage Trust Inc.
Institutional investors and hedge funds have been making moves with Granite Point Mortgage Trust Inc., acquiring new positions and lifting their stakes in the company. Captrust Financial Advisors acquired a new position worth $29,000 during the second quarter while Point72 Hong Kong Ltd added a new position worth $25,000 during the third quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Granite Point Mortgage Trust by 89.2% in the 3rd quarter, now owning 5,095 shares of the company’s stock valued at $32,000 after purchasing an additional 2,402 shares during the last quarter. Meanwhile, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake by 43.1% in the 4th quarter and Catalyst Capital Advisors LLC lifted its stake by 25.2% in the 3rd quarter.
The company has a market capitalization of $244.25 million and its stock opened at $4.74 on Friday with a PE ratio of -2.65 and a beta of 1.56. Granite Point Mortgage Trust Inc was founded on April 7, 2017 and is headquartered in New York, NY.
Granite Point Mortgage Trust Inc operates as a real estate investment trust specializing in originating, investing in, and managing senior floating-rate commercial mortgage loans along with other debt and debt-like commercial real estate investments.
Investors who held record on Monday, April 3rd received a quarterly dividend from Granite Point Mortgage Trust recently paid on Monday, April17th amounting to $0.20 per share for them to gain dividend yield of16.88%, representing an annualized dividend payout ratio that presently stands at -44.69%.
Raymond James decreased its price target on Granite Point Mortgage Trust from $9 to$7 in one of its research notes published on May12th.It is expected that other financial analysts will soon follow suit to help investors better forecast possible losses or gains in the stock market.
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