Granite Point Mortgage Trust (NYSE:GPMT) Price Target Raised to $4.00 at UBS Group

Granite Point Mortgage Trust (NYSE:GPMT) had its price target raised by UBS Group from $3.50 to $4.00 in a report released on Friday,Benzinga reports. UBS Group currently has a buy rating on the stock.

Separately, Keefe, Bruyette & Woods increased their price objective on Granite Point Mortgage Trust from $2.75 to $3.00 and gave the stock an “underperform” rating in a report on Tuesday.

Granite Point Mortgage Trust Stock Down 2.7 %

Shares of Granite Point Mortgage Trust stock traded down $0.09 during trading on Friday, reaching $3.26. The company’s stock had a trading volume of 471,325 shares, compared to its average volume of 431,562. Granite Point Mortgage Trust has a 52-week low of $2.46 and a 52-week high of $6.41. The firm’s 50-day moving average is $3.01 and its two-hundred day moving average is $3.04. The company has a market cap of $162.87 million, a price-to-earnings ratio of -0.85 and a beta of 1.79.

Granite Point Mortgage Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were given a dividend of $0.05 per share. The ex-dividend date was Tuesday, October 1st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 6.13%. Granite Point Mortgage Trust’s payout ratio is -5.18%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in GPMT. BNP Paribas Financial Markets raised its holdings in shares of Granite Point Mortgage Trust by 35.6% in the first quarter. BNP Paribas Financial Markets now owns 32,360 shares of the company’s stock valued at $154,000 after acquiring an additional 8,490 shares in the last quarter. Wolverine Asset Management LLC acquired a new stake in Granite Point Mortgage Trust during the 3rd quarter worth about $506,000. Public Employees Retirement System of Ohio increased its holdings in Granite Point Mortgage Trust by 71.4% in the 1st quarter. Public Employees Retirement System of Ohio now owns 56,189 shares of the company’s stock worth $268,000 after buying an additional 23,405 shares during the period. Oak Thistle LLC acquired a new stake in Granite Point Mortgage Trust during the second quarter worth about $78,000. Finally, Bank of New York Mellon Corp raised its position in shares of Granite Point Mortgage Trust by 13.4% in the second quarter. Bank of New York Mellon Corp now owns 184,943 shares of the company’s stock worth $549,000 after acquiring an additional 21,810 shares during the period. Hedge funds and other institutional investors own 51.63% of the company’s stock.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust Inc, a real estate investment trust, 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. The company provides intermediate-term bridge or transitional financing for various purposes, including acquisitions, recapitalizations, and refinancing, as well as a range of business plans, including lease-up, renovation, repositioning, and repurposing of the commercial property.