Cura Wealth Advisors LLC Purchases 210,408 Shares of Granite Point Mortgage Trust Inc. $GPMT

Key Points

• Cura Wealth Advisors LLC increased its stake in Granite Point Mortgage Trust by 16.8%, acquiring an additional 210,408 shares during the first quarter, bringing its total holdings to approximately 1.5% of the company.
• Granite Point Mortgage Trust announced a quarterly dividend of $0.05 per share, resulting in a 6.9% yield and reflecting a dividend payout ratio of -9.43%.
• Wall Street analysts have given Granite Point Mortgage Trust a consensus rating of "Hold" with a target price of $3.13, highlighting recent upgrades from other analysts.

Cura Wealth Advisors LLC grew its holdings in Granite Point Mortgage Trust Inc. (NYSE:GPMT - Free Report) by 16.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,465,929 shares of the company's stock after purchasing an additional 210,408 shares during the period. Granite Point Mortgage Trust makes up about 1.5% of Cura Wealth Advisors LLC's portfolio, making the stock its 13th biggest position. Cura Wealth Advisors LLC owned about 3.03% of Granite Point Mortgage Trust worth $3,811,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC bought a new position in Granite Point Mortgage Trust in the first quarter valued at about $30,000. MetLife Investment Management LLC grew its stake in shares of Granite Point Mortgage Trust by 104.8% during the fourth quarter. MetLife Investment Management LLC now owns 12,676 shares of the company's stock worth $35,000 after buying an additional 6,487 shares during the last quarter. CWM LLC grew its stake in shares of Granite Point Mortgage Trust by 368.2% during the first quarter. CWM LLC now owns 15,047 shares of the company's stock worth $39,000 after buying an additional 11,833 shares during the last quarter. ProShare Advisors LLC bought a new stake in shares of Granite Point Mortgage Trust during the fourth quarter worth $40,000. Finally, Tower Research Capital LLC TRC grew its position in Granite Point Mortgage Trust by 190.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 14,786 shares of the company's stock worth $41,000 after acquiring an additional 9,697 shares during the last quarter. Institutional investors own 51.63% of the company's stock.

Insiders Place Their Bets

In other Granite Point Mortgage Trust news, Director Lazar Nikolic purchased 3,000 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The shares were acquired at an average price of $19.61 per share, with a total value of $58,830.00. Following the transaction, the director owned 4,193 shares in the company, valued at $82,224.73. The trade was a 251.47% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.10% of the company's stock.

Granite Point Mortgage Trust Trading Up 3.0%

NYSE GPMT traded up $0.09 during trading hours on Wednesday, hitting $2.93. 336,152 shares of the company's stock were exchanged, compared to its average volume of 252,121. The stock has a 50-day simple moving average of $2.66 and a 200 day simple moving average of $2.50. Granite Point Mortgage Trust Inc. has a 1-year low of $1.61 and a 1-year high of $3.66. The firm has a market cap of $138.65 million, a price-to-earnings ratio of -1.38 and a beta of 1.83.

Granite Point Mortgage Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 6.8%. The ex-dividend date was Tuesday, July 1st. Granite Point Mortgage Trust's dividend payout ratio (DPR) is currently -9.43%.

Analyst Upgrades and Downgrades

GPMT has been the topic of a number of research reports. UBS Group boosted their price objective on Granite Point Mortgage Trust from $3.25 to $3.50 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Wall Street Zen upgraded Granite Point Mortgage Trust from a "sell" rating to a "hold" rating in a report on Saturday, June 21st. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Granite Point Mortgage Trust from $2.25 to $2.75 and gave the stock a "market perform" rating in a report on Thursday, July 10th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Granite Point Mortgage Trust has a consensus rating of "Hold" and a consensus target price of $3.13.

Granite Point Mortgage Trust 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.