Shares of Granite Point Mortgage Trust Inc (NYSE:GPMT) have been assigned a consensus recommendation of “Buy” from the six analysts that are presently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $19.50.
GPMT has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of Granite Point Mortgage Trust from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a report on Tuesday, October 24th. Keefe, Bruyette & Woods upgraded shares of Granite Point Mortgage Trust from a “market perform” rating to an “outperform” rating in a report on Thursday, December 7th. Bank of America cut their price target on shares of Granite Point Mortgage Trust from $19.50 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, November 8th. Finally, Compass Point began coverage on shares of Granite Point Mortgage Trust in a report on Friday, October 27th. They issued a “buy” rating and a $19.50 price target on the stock.
In other Granite Point Mortgage Trust news, CFO Marcin Urbaszek purchased 3,000 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The shares were bought at an average price of $17.37 per share, for a total transaction of $52,110.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Two Harbors Investment Corp. purchased 28,189 shares of the business’s stock in a transaction that occurred on Friday, October 13th. The stock was acquired at an average price of $18.95 per share, for a total transaction of $534,181.55. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 167,759 shares of company stock worth $3,081,709.
A number of institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. purchased a new stake in Granite Point Mortgage Trust in the 2nd quarter worth approximately $45,408,000. Jacobs Asset Management LLC purchased a new stake in Granite Point Mortgage Trust in the 2nd quarter worth approximately $13,739,000. Kennedy Capital Management Inc. purchased a new stake in Granite Point Mortgage Trust in the 2nd quarter worth approximately $5,673,000. Empyrean Capital Partners LP purchased a new stake in Granite Point Mortgage Trust in the 2nd quarter worth approximately $5,470,000. Finally, American Century Companies Inc. purchased a new stake in Granite Point Mortgage Trust in the 3rd quarter worth approximately $4,589,000. Institutional investors and hedge funds own 13.47% of the company’s stock.
Granite Point Mortgage Trust (NYSE:GPMT) opened at $17.60 on Wednesday. Granite Point Mortgage Trust has a fifty-two week low of $17.02 and a fifty-two week high of $19.30. The stock has a market cap of $760.94 and a PE ratio of 19.34.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 18th. Investors of record on Friday, December 29th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $1.52 annualized dividend and a yield of 8.64%. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is presently 76.92%.
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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