Granite Point Mortgage Trust (NYSE:GPMT) Upgraded to “Hold” by 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 published on Wednesday morning, Zacks.com reports.

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. “

GPMT traded up $0.02 on Wednesday, reaching $19.10. The company had a trading volume of 259,300 shares, compared to its average volume of 581,577. The business has a 50 day moving average of $18.96. The stock has a market capitalization of $1.02 billion, a P/E ratio of 13.45 and a beta of 0.39. The company has a debt-to-equity ratio of 1.49, a quick ratio of 12.95 and a current ratio of 12.95. Granite Point Mortgage Trust has a 52-week low of $17.45 and a 52-week high of $19.69.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 19th. Investors of record on Friday, July 5th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 8.80%. The ex-dividend date is Wednesday, July 3rd. Granite Point Mortgage Trust’s dividend payout ratio is currently 118.31%.

In related news, CFO Marcin Urbaszek sold 2,337 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $18.92, for a total value of $44,216.04. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Stephen Alpart sold 3,128 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $18.92, for a total transaction of $59,181.76. The disclosure for this sale can be found here. Insiders sold 7,075 shares of company stock worth $133,859 over the last ninety days. 2.00% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in GPMT. Timbercreek Investment Management Inc. raised its stake in Granite Point Mortgage Trust by 79.2% in the second quarter. Timbercreek Investment Management Inc. now owns 1,013,380 shares of the company’s stock valued at $19,497,000 after purchasing an additional 447,885 shares in the last quarter. APG Asset Management N.V. bought a new position in Granite Point Mortgage Trust during the fourth quarter valued at approximately $4,825,000. Nordea Investment Management AB bought a new position in Granite Point Mortgage Trust during the first quarter valued at approximately $4,389,000. Norges Bank bought a new position in Granite Point Mortgage Trust during the fourth quarter valued at approximately $3,895,000. Finally, Raymond James Financial Services Advisors Inc. grew its position in Granite Point Mortgage Trust by 66.3% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 398,065 shares of the company’s stock valued at $7,392,000 after acquiring an additional 158,714 shares during the last quarter. 73.83% of the stock is currently owned by institutional investors and hedge funds.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc originates, invests in, and manages senior floating-rate commercial mortgage loans, and other debt and debt-like commercial real estate investments in the United States. As of December 31, 2018, its investment portfolio includes 94 commercial real estate debt investments.

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