Zacks Investment Research upgraded shares of Granite Point Mortgage Trust (NYSE:GPMT) from a sell rating to a hold rating in a research report report published on Tuesday, January 9th.
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 commented on GPMT. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $19.50 target price on shares of Granite Point Mortgage Trust in a research report on Thursday, October 12th. Compass Point began coverage on Granite Point Mortgage Trust in a research report on Friday, October 27th. They issued a buy rating and a $19.50 target price for the company. Finally, Bank of America cut their price target on Granite Point Mortgage Trust from $19.50 to $18.00 and set a neutral rating for the company in a research note on Wednesday, November 8th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $19.58.
Shares of Granite Point Mortgage Trust (NYSE:GPMT) traded down $0.07 during trading hours on Tuesday, reaching $17.45. The company had a trading volume of 748,700 shares, compared to its average volume of 407,500. The company has a market cap of $754.45 and a price-to-earnings ratio of 14.79. Granite Point Mortgage Trust has a twelve month low of $17.02 and a twelve month high of $19.30.
Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings data on Monday, November 6th. The company reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.06). research analysts predict that Granite Point Mortgage Trust will post 0.63 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 18th. Shareholders of record on Friday, December 29th will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $1.52 dividend on an annualized basis and a yield of 8.71%. Granite Point Mortgage Trust’s payout ratio is 59.32%.
In related news, Director Brian Taylor bought 5,600 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The stock was bought at an average cost of $17.87 per share, for a total transaction of $100,072.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Steven Plust bought 2,750 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was bought at an average price of $17.63 per share, with a total value of $48,482.50. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 105,232 shares of company stock worth $1,900,256.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Schwab Charles Investment Management Inc. boosted its position in Granite Point Mortgage Trust by 374.3% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 196,512 shares of the company’s stock valued at $3,487,000 after buying an additional 155,084 shares during the period. Nisa Investment Advisors LLC bought a new position in Granite Point Mortgage Trust in the fourth quarter worth about $139,000. KAMES CAPITAL plc bought a new position in Granite Point Mortgage Trust in the fourth quarter worth about $3,009,000. Cubist Systematic Strategies LLC bought a new position in Granite Point Mortgage Trust in the third quarter worth about $515,000. Finally, California State Teachers Retirement System bought a new position in Granite Point Mortgage Trust in the third quarter worth about $307,000. Institutional investors and hedge funds own 13.47% of the company’s stock.
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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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