Analysts Set Granite Point Mortgage Trust Inc. (NYSE:GPMT) PT at $2.83

Shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT) have received a consensus recommendation of “Hold” from the five research firms that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has given a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $2.8333.

GPMT has been the topic of several recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods dropped their target price on shares of Granite Point Mortgage Trust from $2.75 to $2.50 and set a “market perform” rating for the company in a report on Thursday, January 8th. Compass Point set a $2.50 price target on shares of Granite Point Mortgage Trust in a report on Thursday, January 8th. Wall Street Zen raised shares of Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Zacks Research upgraded Granite Point Mortgage Trust to a “hold” rating in a research note on Friday, December 19th.

Insider Buying and Selling at Granite Point Mortgage Trust

In related news, Director Hope B. Woodhouse sold 14,674 shares of the stock in a transaction on Monday, November 10th. The stock was sold at an average price of $2.70, for a total value of $39,619.80. Following the completion of the sale, the director directly owned 94,423 shares in the company, valued at $254,942.10. This represents a 13.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Granite Point Mortgage Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. MetLife Investment Management LLC boosted its stake in Granite Point Mortgage Trust by 68.3% during the first quarter. MetLife Investment Management LLC now owns 21,334 shares of the company’s stock worth $55,000 after acquiring an additional 8,658 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Granite Point Mortgage Trust by 473.4% in the 1st quarter. AQR Capital Management LLC now owns 156,518 shares of the company’s stock worth $407,000 after acquiring an additional 129,222 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in Granite Point Mortgage Trust by 1,460.6% during the 2nd quarter. Farther Finance Advisors LLC now owns 13,062 shares of the company’s stock valued at $32,000 after purchasing an additional 12,225 shares during the last quarter. Confluence Wealth Services Inc. bought a new stake in Granite Point Mortgage Trust during the 2nd quarter worth approximately $29,000. Finally, Ground Swell Capital LLC purchased a new stake in shares of Granite Point Mortgage Trust in the second quarter worth approximately $40,000. Institutional investors and hedge funds own 51.63% of the company’s stock.

Granite Point Mortgage Trust Trading Up 2.2%

Shares of NYSE:GPMT opened at $2.53 on Friday. The firm has a 50 day moving average of $2.57 and a 200-day moving average of $2.70. Granite Point Mortgage Trust has a 12 month low of $1.61 and a 12 month high of $3.19. The stock has a market capitalization of $119.71 million, a PE ratio of -1.75 and a beta of 1.72.

Granite Point Mortgage Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Tuesday, December 30th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 7.9%. The ex-dividend date was Tuesday, December 30th. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is -13.89%.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust, Inc is a specialty finance company that invests directly in commercial real estate debt. The company focuses on originating, acquiring and managing senior preferred and mezzanine loans secured by income-producing real estate across diverse property types, including multifamily, office, industrial and retail assets. Granite Point Mortgage Trust operates as a real estate investment trust (REIT), providing investors with exposure to floating-rate commercial mortgage loan investments.

Granite Point’s investment strategy centers on structuring loans to deliver attractive risk-adjusted returns, with portfolio allocations spanning senior loans, B-notes and mezzanine financings.