Granite Point Mortgage Trust Inc (GPMT) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Granite Point Mortgage Trust Inc (NASDAQ:GPMT) from a hold rating to a buy rating in a report issued on Tuesday. They currently have $20.00 price target on the stock.

According to Zacks, “Granite Point Mortgage Trust Inc. focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point Mortgage Trust Inc. is headquatered in New York, United States. “

A number of other analysts have also recently commented on GPMT. JPMorgan Chase & Co. initiated coverage on shares of Granite Point Mortgage Trust in a research note on Tuesday, July 18th. They set an overweight rating and a $20.00 price target on the stock. Keefe, Bruyette & Woods initiated coverage on shares of Granite Point Mortgage Trust in a research note on Tuesday, July 18th. They set a market perform rating and a $19.50 price target on the stock. JMP Securities initiated coverage on shares of Granite Point Mortgage Trust in a research note on Tuesday, July 18th. They set an outperform rating and a $20.50 price target on the stock. Finally, Bank of America Corporation initiated coverage on shares of Granite Point Mortgage Trust in a research note on Tuesday, July 18th. They set a neutral rating on the stock. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Granite Point Mortgage Trust presently has a consensus rating of Buy and an average target price of $19.90.

Granite Point Mortgage Trust (NASDAQ GPMT) traded up 2.26% during midday trading on Tuesday, hitting $18.54. 429,856 shares of the stock were exchanged. The firm’s 50-day moving average price is $18.89 and its 200 day moving average price is $18.99. Granite Point Mortgage Trust has a 1-year low of $18.06 and a 1-year high of $19.30. The firm’s market capitalization is $801.56 million.

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The company also recently announced a special dividend, which was paid on Wednesday, October 18th. Shareholders of record on Friday, September 29th were paid a $0.32 dividend. The ex-dividend date was Thursday, September 28th.

In other news, major shareholder Two Harbors Investment Corp. bought 50,000 shares of the stock in a transaction on Friday, October 20th. The shares were acquired at an average cost of $18.56 per share, for a total transaction of $928,000.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director William Reid Sanders bought 10,000 shares of the stock in a transaction on Thursday, August 10th. The stock was purchased at an average price of $19.16 per share, for a total transaction of $191,600.00. Following the completion of the purchase, the director now directly owns 17,564 shares in the company, valued at $336,526.24. The disclosure for this purchase can be found here. Insiders acquired a total of 439,845 shares of company stock worth $8,314,692 over the last quarter.

A number of hedge funds and other institutional investors have recently bought and sold shares of GPMT. Bienville Capital Management LLC purchased a new stake in Granite Point Mortgage Trust in the 2nd quarter worth approximately $191,000. Wilbanks Smith & Thomas Asset Management LLC purchased a new stake in Granite Point Mortgage Trust in the 2nd quarter worth approximately $218,000. Wells Fargo & Company MN purchased a new stake in Granite Point Mortgage Trust in the 2nd quarter worth approximately $393,000. Balyasny Asset Management LLC purchased a new stake in Granite Point Mortgage Trust in the 2nd quarter worth approximately $2,117,000. Finally, Empyrean Capital Partners LP purchased a new stake in Granite Point Mortgage Trust in the 2nd quarter worth approximately $5,470,000.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust Inc is focused primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt, such as commercial real estate investments. The Company formed to continue and expand the commercial real estate lending business. The Company is a long-term, fundamental value-oriented investor.

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Analyst Recommendations for Granite Point Mortgage Trust (NASDAQ:GPMT)

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