Granite Point Mortgage Trust Inc. (NYSE:GPMT) Short Interest Up 7.5% in April

Granite Point Mortgage Trust Inc. (NYSE:GPMT) was the recipient of a significant increase in short interest during the month of April. As of April 15th, there was short interest totalling 510,300 shares, an increase of 7.5% from the March 31st total of 474,500 shares. Based on an average trading volume of 420,700 shares, the short-interest ratio is currently 1.2 days. Currently, 1.0% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Raymond James decreased their target price on Granite Point Mortgage Trust from $7.00 to $6.50 and set an “outperform” rating on the stock in a research report on Friday, February 16th. Keefe, Bruyette & Woods reduced their price target on Granite Point Mortgage Trust from $5.00 to $4.75 and set an “underperform” rating on the stock in a report on Wednesday, April 10th. JMP Securities cut Granite Point Mortgage Trust from an “outperform” rating to a “market perform” rating in a report on Tuesday, February 20th. Finally, UBS Group reduced their price target on Granite Point Mortgage Trust from $6.50 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, March 20th.

Granite Point Mortgage Trust Price Performance

Granite Point Mortgage Trust stock opened at $4.32 on Thursday. The stock’s 50 day moving average is $4.59 and its 200 day moving average is $5.05. The firm has a market cap of $219.16 million, a P/E ratio of -2.88 and a beta of 1.80. Granite Point Mortgage Trust has a one year low of $3.97 and a one year high of $6.41.

Granite Point Mortgage Trust Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 13.90%. The ex-dividend date of this dividend was Thursday, March 28th. Granite Point Mortgage Trust’s dividend payout ratio is currently -40.00%.

Hedge Funds Weigh In On Granite Point Mortgage Trust

A number of hedge funds and other institutional investors have recently made changes to their positions in GPMT. Quantbot Technologies LP acquired a new position in shares of Granite Point Mortgage Trust in the third quarter worth approximately $32,000. Westend Capital Management LLC acquired a new position in Granite Point Mortgage Trust in the first quarter valued at approximately $43,000. Gladius Capital Management LP acquired a new position in Granite Point Mortgage Trust in the fourth quarter valued at approximately $44,000. Capital Square LLC acquired a new position in Granite Point Mortgage Trust in the third quarter valued at approximately $54,000. Finally, B. Riley Wealth Advisors Inc. acquired a new position in Granite Point Mortgage Trust in the third quarter valued at approximately $55,000. 51.63% of the stock is owned by institutional investors and hedge funds.

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.