Traders Purchase Large Volume of Granite Point Mortgage Trust Put Options (NYSE:GPMT)

Granite Point Mortgage Trust Inc. (NYSE:GPMT) was the target of unusually large options trading activity on Wednesday. Traders bought 733 put options on the stock. This is an increase of approximately 962% compared to the typical daily volume of 69 put options.

Several research analysts have recently issued reports on GPMT shares. Credit Suisse Group upgraded shares of Granite Point Mortgage Trust from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $12.00 to $15.00 in a research note on Friday, May 14th. JPMorgan Chase & Co. upped their target price on shares of Granite Point Mortgage Trust from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Monday, April 26th. JMP Securities upped their target price on shares of Granite Point Mortgage Trust from $13.00 to $14.00 and gave the stock an “outperform” rating in a research note on Friday, May 7th. Raymond James upped their target price on shares of Granite Point Mortgage Trust from $13.50 to $16.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 18th. Finally, TheStreet upgraded shares of Granite Point Mortgage Trust from a “d+” rating to a “c” rating in a research note on Tuesday, May 11th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $14.60.

In other Granite Point Mortgage Trust news, CEO John A. Taylor acquired 9,000 shares of the company’s stock in a transaction that occurred on Monday, May 24th. The shares were acquired at an average price of $14.21 per share, with a total value of $127,890.00. Insiders own 2.00% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC purchased a new stake in Granite Point Mortgage Trust during the first quarter valued at approximately $124,000. Squarepoint Ops LLC purchased a new stake in Granite Point Mortgage Trust during the first quarter valued at approximately $126,000. Amundi Asset Management US Inc. purchased a new stake in Granite Point Mortgage Trust during the first quarter valued at approximately $5,914,000. IHT Wealth Management LLC purchased a new stake in Granite Point Mortgage Trust during the first quarter valued at approximately $1,918,000. Finally, Northwood Liquid Management LP increased its holdings in Granite Point Mortgage Trust by 13.3% during the first quarter. Northwood Liquid Management LP now owns 215,940 shares of the company’s stock valued at $2,585,000 after buying an additional 25,393 shares during the last quarter. 62.47% of the stock is owned by hedge funds and other institutional investors.

GPMT opened at $15.17 on Friday. The firm’s 50 day moving average is $13.43. Granite Point Mortgage Trust has a twelve month low of $5.52 and a twelve month high of $15.92. The stock has a market capitalization of $835.99 million, a PE ratio of 42.14 and a beta of 1.54.

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 19th. Stockholders of record on Thursday, April 1st were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 6.59%. This is a boost from Granite Point Mortgage Trust’s previous quarterly dividend of $0.20. The ex-dividend date was Wednesday, March 31st. Granite Point Mortgage Trust’s payout ratio is presently 91.74%.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust Inc 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. As of December 31, 2020, its investment portfolio includes 103 commercial real estate loan investments.

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