Granite Point Mortgage Trust (NYSE:GPMT) Price Target Raised to $3.50 at UBS Group

Granite Point Mortgage Trust (NYSE:GPMT) had its target price hoisted by UBS Group from $3.25 to $3.50 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also weighed in on GPMT. Keefe, Bruyette & Woods boosted their target price on shares of Granite Point Mortgage Trust from $2.25 to $2.75 and gave the stock a “market perform” rating in a report on Thursday, July 10th. Wall Street Zen raised shares of Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a research note on Saturday, June 21st. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Granite Point Mortgage Trust presently has an average rating of “Hold” and an average price target of $3.13.

Granite Point Mortgage Trust Price Performance

GPMT opened at $2.7850 on Wednesday. Granite Point Mortgage Trust has a fifty-two week low of $1.61 and a fifty-two week high of $3.66. The firm has a market capitalization of $132.01 million, a price-to-earnings ratio of -1.31 and a beta of 1.76. The company’s 50 day moving average price is $2.59 and its two-hundred day moving average price is $2.51.

Granite Point Mortgage Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 7.2%. The ex-dividend date of this dividend was Tuesday, July 1st. Granite Point Mortgage Trust’s dividend payout ratio is currently -9.43%.

Insider Activity at Granite Point Mortgage Trust

In other news, Director Lazar Nikolic acquired 3,000 shares of Granite Point Mortgage Trust stock in a transaction dated Wednesday, August 13th. The shares were bought at an average cost of $19.61 per share, with a total value of $58,830.00. Following the purchase, the director owned 4,193 shares in the company, valued at $82,224.73. This trade represents a 251.47% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. B. Riley Wealth Advisors Inc. acquired a new position in shares of Granite Point Mortgage Trust during the 2nd quarter valued at $28,000. Hudson Bay Capital Management LP acquired a new position in shares of Granite Point Mortgage Trust during the 2nd quarter valued at $31,000. Tower Research Capital LLC TRC lifted its position in shares of Granite Point Mortgage Trust by 435.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 26,989 shares of the company’s stock valued at $67,000 after acquiring an additional 21,948 shares during the period. Brevan Howard Capital Management LP acquired a new position in shares of Granite Point Mortgage Trust during the 2nd quarter valued at $230,000. Finally, Bank of America Corp DE lifted its position in shares of Granite Point Mortgage Trust by 72.7% during the 2nd quarter. Bank of America Corp DE now owns 50,059 shares of the company’s stock valued at $124,000 after acquiring an additional 21,070 shares during the period. Institutional investors and hedge funds own 51.63% of the company’s stock.

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.