Advisors Asset Management Inc. Purchases 291,468 Shares of Granite Point Mortgage Trust Inc (GPMT)

Advisors Asset Management Inc. raised its position in Granite Point Mortgage Trust Inc (NYSE:GPMT) by 1,219.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 315,374 shares of the company’s stock after acquiring an additional 291,468 shares during the quarter. Advisors Asset Management Inc. owned approximately 0.73% of Granite Point Mortgage Trust worth $242,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Granite Point Mortgage Trust during the 2nd quarter worth approximately $1,060,000. Wedbush Securities Inc. lifted its position in shares of Granite Point Mortgage Trust by 44.2% during the 2nd quarter. Wedbush Securities Inc. now owns 21,826 shares of the company’s stock worth $401,000 after buying an additional 6,694 shares during the last quarter. Standard Life Aberdeen plc purchased a new stake in shares of Granite Point Mortgage Trust during the 2nd quarter worth approximately $2,080,000. Commonwealth Equity Services LLC purchased a new stake in shares of Granite Point Mortgage Trust during the 2nd quarter worth approximately $196,000. Finally, Schwab Charles Investment Management Inc. lifted its position in shares of Granite Point Mortgage Trust by 5.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 219,664 shares of the company’s stock worth $4,031,000 after buying an additional 11,632 shares during the last quarter. Institutional investors own 65.17% of the company’s stock.

Several analysts have recently weighed in on GPMT shares. JPMorgan Chase & Co. boosted their price objective on shares of Granite Point Mortgage Trust from $18.00 to $19.00 and gave the stock a “$18.48” rating in a research report on Monday, July 23rd. Compass Point reiterated a “buy” rating and issued a $20.00 price target on shares of Granite Point Mortgage Trust in a research report on Tuesday, August 7th. Zacks Investment Research upgraded shares of Granite Point Mortgage Trust from a “strong sell” rating to a “hold” rating in a research report on Wednesday. Keefe, Bruyette & Woods downgraded shares of Granite Point Mortgage Trust from an “outperform” rating to a “market perform” rating in a research report on Monday, July 30th. They noted that the move was a valuation call. Finally, BTIG Research began coverage on shares of Granite Point Mortgage Trust in a research report on Monday, October 8th. They issued a “neutral” rating for the company. Five analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $19.50.

GPMT stock opened at $18.19 on Friday. Granite Point Mortgage Trust Inc has a 12 month low of $16.15 and a 12 month high of $19.33. The firm has a market capitalization of $837.84 million, a P/E ratio of 14.72, a price-to-earnings-growth ratio of 0.58 and a beta of 0.06. The company has a quick ratio of 35.46, a current ratio of 35.46 and a debt-to-equity ratio of 0.96.

Granite Point Mortgage Trust (NYSE:GPMT) last released its quarterly earnings results on Monday, August 6th. The company reported $0.38 EPS for the quarter, meeting the consensus estimate of $0.38. Granite Point Mortgage Trust had a net margin of 36.50% and a return on equity of 6.87%. The firm had revenue of $22.84 million during the quarter, compared to the consensus estimate of $41.20 million. On average, equities research analysts forecast that Granite Point Mortgage Trust Inc will post 1.54 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 18th. Investors of record on Tuesday, October 2nd will be given a $0.42 dividend. This is an increase from Granite Point Mortgage Trust’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Monday, October 1st. This represents a $1.68 annualized dividend and a yield of 9.24%.

Granite Point Mortgage Trust 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, 2017, its investment portfolio includes 61 commercial real estate debt investments.

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Institutional Ownership by Quarter for Granite Point Mortgage Trust (NYSE:GPMT)

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