Granite Point Mortgage Trust Inc. (NYSE:GPMT) Short Interest Up 13.1% in September

Granite Point Mortgage Trust Inc. (NYSE:GPMT) was the target of a significant increase in short interest in September. As of September 15th, there was short interest totalling 1,030,000 shares, an increase of 13.1% from the August 31st total of 910,900 shares. Currently, 2.1% of the company’s shares are short sold. Based on an average daily volume of 425,900 shares, the days-to-cover ratio is currently 2.4 days.

Granite Point Mortgage Trust Price Performance

Shares of GPMT opened at $3.17 on Tuesday. Granite Point Mortgage Trust has a one year low of $2.46 and a one year high of $6.41. The company has a market cap of $161.78 million, a PE ratio of -1.37 and a beta of 1.78. The stock has a 50-day moving average of $2.78 and a 200-day moving average of $3.37.

Granite Point Mortgage Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $0.20 annualized dividend and a dividend yield of 6.31%. Granite Point Mortgage Trust’s dividend payout ratio is -8.66%.

Hedge Funds Weigh In On Granite Point Mortgage Trust

A number of institutional investors have recently modified their holdings of GPMT. Westend Capital Management LLC acquired a new stake in Granite Point Mortgage Trust in the 1st quarter valued at $43,000. B. Riley Wealth Advisors Inc. bought a new stake in shares of Granite Point Mortgage Trust during the first quarter worth about $55,000. Naviter Wealth LLC raised its holdings in shares of Granite Point Mortgage Trust by 53.6% in the 2nd quarter. Naviter Wealth LLC now owns 21,500 shares of the company’s stock worth $64,000 after acquiring an additional 7,500 shares during the last quarter. Warther Private Wealth LLC bought a new position in Granite Point Mortgage Trust in the 2nd quarter valued at about $65,000. Finally, The Manufacturers Life Insurance Company boosted its stake in Granite Point Mortgage Trust by 25.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,684 shares of the company’s stock valued at $70,000 after purchasing an additional 4,807 shares during the last quarter. 51.63% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods cut their price target on Granite Point Mortgage Trust from $3.25 to $2.75 and set an “underperform” rating on the stock in a report on Monday, August 12th.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc, a real estate investment trust, 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. The company provides intermediate-term bridge or transitional financing for various purposes, including acquisitions, recapitalizations, and refinancing, as well as a range of business plans, including lease-up, renovation, repositioning, and repurposing of the commercial property.