Granite Point Mortgage Trust Inc. (NYSE:GPMT) was the target of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 1,241,389 shares, an increase of 99.6% from the October 13th total of 621,988 shares. Currently, 2.9% of the company’s shares are short sold. Based on an average daily volume of 290,571 shares, the short-interest ratio is currently 4.3 days.
In other news, Director William Reid Sanders bought 31,000 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The shares were purchased at an average price of $17.58 per share, with a total value of $544,980.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Two Harbors Investment Corp. bought 8,300 shares of the firm’s stock in a transaction that occurred on Friday, September 8th. The shares were purchased at an average cost of $19.05 per share, for a total transaction of $158,115.00. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 369,771 shares of company stock worth $6,894,956.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. purchased a new position in shares of Granite Point Mortgage Trust in the 2nd quarter valued at about $45,408,000. Wells Fargo & Company MN purchased a new position in Granite Point Mortgage Trust during the 2nd quarter worth approximately $393,000. Empyrean Capital Partners LP purchased a new position in Granite Point Mortgage Trust during the 2nd quarter worth approximately $5,470,000. American Century Companies Inc. purchased a new position in Granite Point Mortgage Trust during the 3rd quarter worth approximately $4,589,000. Finally, Balyasny Asset Management LLC purchased a new position in Granite Point Mortgage Trust during the 2nd quarter worth approximately $2,117,000. Institutional investors and hedge funds own 13.47% of the company’s stock.
Granite Point Mortgage Trust (GPMT) traded up $0.14 on Monday, hitting $18.10. The stock had a trading volume of 353,918 shares, compared to its average volume of 389,771. Granite Point Mortgage Trust has a fifty-two week low of $17.02 and a fifty-two week high of $19.30.
Several brokerages have weighed in on GPMT. Keefe, Bruyette & Woods restated a “hold” rating and set a $19.50 price target on shares of Granite Point Mortgage Trust in a report on Thursday, October 12th. Zacks Investment Research downgraded Granite Point Mortgage Trust from a “buy” rating to a “hold” rating in a report on Wednesday, October 11th. Compass Point began coverage on Granite Point Mortgage Trust in a report on Friday, October 27th. They set a “buy” rating and a $19.50 price target on the stock. Finally, Bank of America cut their price target on Granite Point Mortgage Trust from $19.50 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, November 8th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $19.58.
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Granite Point Mortgage Trust Company Profile
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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