Granite Point Mortgage Trust (GPMT) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Granite Point Mortgage Trust (NYSE:GPMT) from a sell rating to a hold rating in a report released on Tuesday.

According to Zacks, “Granite Point Mortgage Trust Inc. focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point Mortgage Trust Inc. is headquatered in New York, United States. “

Several other research firms also recently commented on GPMT. Keefe, Bruyette & Woods restated a hold rating and set a $19.50 target price on shares of Granite Point Mortgage Trust in a research report on Thursday, October 12th. Compass Point assumed coverage on Granite Point Mortgage Trust in a research report on Friday, October 27th. They set a buy rating and a $19.50 target price for the company. Finally, Bank of America cut their target price on Granite Point Mortgage Trust from $19.50 to $18.00 and set a neutral rating for the company in a research report on Wednesday, November 8th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $19.58.

Shares of Granite Point Mortgage Trust (NYSE:GPMT) traded down $0.23 during trading hours on Tuesday, hitting $17.60. The stock had a trading volume of 368,200 shares, compared to its average volume of 356,183. Granite Point Mortgage Trust has a one year low of $17.02 and a one year high of $19.30. The firm has a market cap of $758.34 and a price-to-earnings ratio of 19.34.

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 18th. Investors of record on Friday, December 29th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $1.52 annualized dividend and a dividend yield of 8.64%. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is presently 76.92%.

In other Granite Point Mortgage Trust news, Director William Reid Sanders acquired 31,000 shares of the business’s stock in a transaction on Monday, November 13th. The stock was purchased at an average price of $17.58 per share, for a total transaction of $544,980.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Two Harbors Investment Corp. acquired 28,189 shares of the business’s stock in a transaction on Friday, October 13th. The stock was acquired at an average price of $18.95 per share, with a total value of $534,181.55. The disclosure for this purchase can be found here. Insiders have purchased a total of 167,759 shares of company stock valued at $3,081,709 in the last 90 days.

A number of institutional investors and hedge funds have recently modified their holdings of GPMT. Wilbanks Smith & Thomas Asset Management LLC bought a new position in Granite Point Mortgage Trust in the 2nd quarter valued at $218,000. IndexIQ Advisors LLC acquired a new stake in shares of Granite Point Mortgage Trust in the 3rd quarter valued at $220,000. Sei Investments Co. acquired a new stake in shares of Granite Point Mortgage Trust in the 3rd quarter valued at $225,000. California State Teachers Retirement System acquired a new stake in shares of Granite Point Mortgage Trust in the 3rd quarter valued at $307,000. Finally, Wells Fargo & Company MN acquired a new stake in shares of Granite Point Mortgage Trust in the 2nd quarter valued at $393,000. Hedge funds and other institutional investors own 13.47% of the company’s stock.

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Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc is focused primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt, such as commercial real estate investments. The Company formed to continue and expand the commercial real estate lending business. The Company is a long-term, fundamental value-oriented investor.

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