Nuveen LLC Takes $403,000 Position in Granite Point Mortgage Trust Inc. $GPMT

Key Points

• Nuveen LLC purchased 155,022 shares of Granite Point Mortgage Trust, representing approximately $403,000 and accounting for 0.32% of the company's total shares.
• The stock recently opened at $2.97 with a market cap of $140.54 million and has a 52-week trading range between $1.61 and $3.66.
• Granite Point Mortgage Trust declared a quarterly dividend of $0.05, yielding 6.7%, indicating ongoing investor returns despite a negative dividend payout ratio.

Nuveen LLC acquired a new position in shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 155,022 shares of the company's stock, valued at approximately $403,000. Nuveen LLC owned about 0.32% of Granite Point Mortgage Trust at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in GPMT. Wells Fargo & Company MN raised its holdings in shares of Granite Point Mortgage Trust by 23.7% during the fourth quarter. Wells Fargo & Company MN now owns 34,395 shares of the company's stock worth $96,000 after purchasing an additional 6,599 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Granite Point Mortgage Trust during the 4th quarter valued at about $634,000. Barclays PLC raised its stake in Granite Point Mortgage Trust by 6.6% during the fourth quarter. Barclays PLC now owns 123,382 shares of the company's stock worth $344,000 after acquiring an additional 7,632 shares during the period. MetLife Investment Management LLC boosted its stake in Granite Point Mortgage Trust by 104.8% in the fourth quarter. MetLife Investment Management LLC now owns 12,676 shares of the company's stock valued at $35,000 after acquiring an additional 6,487 shares during the period. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Granite Point Mortgage Trust by 190.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 14,786 shares of the company's stock valued at $41,000 after purchasing 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 news, Director Lazar Nikolic bought 3,000 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were bought at an average cost of $19.61 per share, with a total value of $58,830.00. Following the purchase, the director directly owned 4,193 shares in the company, valued at $82,224.73. This trade represents a 251.47% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 3.10% of the company's stock.

Granite Point Mortgage Trust Price Performance

NYSE GPMT traded down $0.03 on Wednesday, hitting $3.01. 204,052 shares of the company were exchanged, compared to its average volume of 216,319. Granite Point Mortgage Trust Inc. has a twelve month low of $1.61 and a twelve month high of $3.66. The firm has a market capitalization of $142.44 million, a P/E ratio of -1.42 and a beta of 1.83. The company's 50 day moving average price is $2.70 and its 200-day moving average price is $2.50.

Granite Point Mortgage Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st were paid a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $0.20 dividend on an annualized basis and a yield of 6.7%. Granite Point Mortgage Trust's dividend payout ratio (DPR) is currently -9.43%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on GPMT shares. Wall Street Zen raised Granite Point Mortgage Trust from a "sell" rating to a "hold" rating in a report on Saturday, June 21st. Keefe, Bruyette & Woods increased their price target on Granite Point Mortgage Trust from $2.25 to $2.75 and gave the stock a "market perform" rating in a research note on Thursday, July 10th. Finally, UBS Group raised their price target on Granite Point Mortgage Trust from $3.25 to $3.50 and gave the company a "buy" rating in a report on Wednesday, August 20th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Granite Point Mortgage Trust currently has a consensus rating of "Hold" and an average 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.