Wolverine Asset Management LLC Sells 118,286 Shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT)

Key Points

• Wolverine Asset Management LLC reduced its holdings in Granite Point Mortgage Trust by 24% in the first quarter, bringing its total ownership to 375,562 shares.
• Granite Point Mortgage Trust announced a quarterly dividend of $0.05 per share, yielding 7.1% annually, despite a negative payout ratio.
• While Wolverine sold shares, other institutional investors like JPMorgan Chase and Geode Capital Management increased their stakes significantly in the fourth quarter.

Wolverine Asset Management LLC lessened its stake in shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT - Free Report) by 24.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 375,562 shares of the company's stock after selling 118,286 shares during the period. Wolverine Asset Management LLC owned about 0.78% of Granite Point Mortgage Trust worth $976,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC acquired a new stake in Granite Point Mortgage Trust during the 1st quarter valued at $30,000. Oppenheimer & Co. Inc. acquired a new position in shares of Granite Point Mortgage Trust in the first quarter worth $443,000. Jane Street Group LLC increased its stake in shares of Granite Point Mortgage Trust by 120.4% in the fourth quarter. Jane Street Group LLC now owns 243,265 shares of the company's stock worth $679,000 after acquiring an additional 132,903 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Granite Point Mortgage Trust by 229.4% in the first quarter. Nisa Investment Advisors LLC now owns 53,327 shares of the company's stock worth $139,000 after acquiring an additional 37,137 shares during the last quarter. Finally, Cerity Partners LLC acquired a new position in shares of Granite Point Mortgage Trust in the first quarter worth $41,000. Institutional investors and hedge funds own 51.63% of the company's stock.

Granite Point Mortgage Trust Trading Down 0.8%

Granite Point Mortgage Trust stock traded down $0.02 during mid-day trading on Thursday, hitting $2.85. 146,594 shares of the company's stock were exchanged, compared to its average volume of 303,711. The stock has a market cap of $134.95 million, a P/E ratio of -1.34 and a beta of 1.76. Granite Point Mortgage Trust Inc. has a 1-year low of $1.61 and a 1-year high of $3.66. The stock has a 50 day moving average of $2.57 and a two-hundred day moving average of $2.51.

Granite Point Mortgage Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 7.0%. The ex-dividend date of this dividend was Tuesday, July 1st. Granite Point Mortgage Trust's dividend payout ratio is presently -9.43%.

Insider Buying and Selling

In other Granite Point Mortgage Trust news, Director Lazar Nikolic bought 47,832 shares of the stock in a transaction on Wednesday, May 21st. The shares were purchased at an average cost of $2.50 per share, with a total value of $119,580.00. Following the completion of the transaction, the director directly owned 648,594 shares of the company's stock, valued at $1,621,485. This represents a 7.96% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have acquired 55,953 shares of company stock worth $138,197 over the last 90 days. Corporate insiders own 3.10% of the company's stock.

Wall Street Analysts Forecast Growth

GPMT has been the topic of a number of research reports. Keefe, Bruyette & Woods upped their price target on shares of 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. UBS Group reaffirmed a "buy" rating and issued a $3.25 price target (up from $2.50) on shares of Granite Point Mortgage Trust in a research note on Wednesday, May 21st. Finally, Wall Street Zen raised shares of Granite Point Mortgage Trust from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st.

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.