Epiq Partners LLC Acquires 696,925 Shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT)

Epiq Partners LLC grew its holdings in shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT) by 128.1% in the first quarter, HoldingsChannel reports. The fund owned 1,241,150 shares of the company’s stock after purchasing an additional 696,925 shares during the quarter. Granite Point Mortgage Trust makes up about 1.7% of Epiq Partners LLC’s portfolio, making the stock its 19th largest holding. Epiq Partners LLC’s holdings in Granite Point Mortgage Trust were worth $3,227,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Gratia Capital LLC bought a new position in Granite Point Mortgage Trust in the 4th quarter worth $1,953,000. Wolverine Asset Management LLC boosted its stake in shares of Granite Point Mortgage Trust by 209.2% in the fourth quarter. Wolverine Asset Management LLC now owns 493,848 shares of the company’s stock worth $1,378,000 after acquiring an additional 334,109 shares during the period. Raymond James Financial Inc. bought a new position in shares of Granite Point Mortgage Trust in the fourth quarter worth about $634,000. Jane Street Group LLC boosted its stake in shares of Granite Point Mortgage Trust by 120.4% in the fourth quarter. Jane Street Group LLC now owns 243,265 shares of the company’s stock worth $679,000 after acquiring an additional 132,903 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Granite Point Mortgage Trust by 39.2% in the fourth quarter. JPMorgan Chase & Co. now owns 391,394 shares of the company’s stock worth $1,092,000 after acquiring an additional 110,143 shares during the period. Institutional investors own 51.63% of the company’s stock.

Insider Activity

In other Granite Point Mortgage Trust news, Director Lazar Nikolic acquired 47,832 shares of the stock in a transaction on Wednesday, May 21st. The stock was acquired at an average price of $2.50 per share, for a total transaction of $119,580.00. Following the completion of the transaction, the director now directly owns 648,594 shares of the company’s stock, valued at $1,621,485. This trade represents a 7.96% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders bought 55,953 shares of company stock worth $138,197. 2.30% of the stock is currently owned by insiders.

Granite Point Mortgage Trust Trading Up 2.6%

Shares of Granite Point Mortgage Trust stock opened at $2.61 on Friday. The stock has a 50 day moving average of $2.14 and a 200 day moving average of $2.69. Granite Point Mortgage Trust Inc. has a 12 month low of $1.61 and a 12 month high of $3.66. The firm has a market cap of $126.10 million, a PE ratio of -0.59 and a beta of 1.77.

Granite Point Mortgage Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st were given a dividend of $0.05 per share. The ex-dividend date was Tuesday, April 1st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 7.68%. Granite Point Mortgage Trust’s dividend payout ratio is currently -6.49%.

Analysts Set New Price Targets

Several research analysts have weighed in on GPMT shares. Keefe, Bruyette & Woods dropped their price target on Granite Point Mortgage Trust from $2.50 to $2.25 and set a “market perform” rating for the company in a research note on Wednesday, April 30th. JMP Securities restated a “market perform” rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, February 18th. Finally, UBS Group restated a “buy” rating and set a $3.25 target price (up previously from $2.50) on shares of Granite Point Mortgage Trust in a research report on Wednesday, May 21st.

Granite Point Mortgage Trust Company Profile

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.