Granite Point Mortgage Trust Inc. (NYSE:GPMT - Get Free Report) was the recipient of a large growth in short interest in the month of May. As of May 31st, there was short interest totalling 1,770,000 shares, a growth of 24.6% from the May 15th total of 1,420,000 shares. Based on an average trading volume of 420,100 shares, the short-interest ratio is currently 4.2 days. Approximately 3.9% of the shares of the company are sold short.
Wall Street Analyst Weigh In
A number of research analysts recently commented on the company. Keefe, Bruyette & Woods reduced their price target on Granite Point Mortgage Trust from $2.50 to $2.25 and set a "market perform" rating for the company in a report on Wednesday, April 30th. JMP Securities reiterated a "market perform" rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, February 18th. Finally, UBS Group reiterated a "buy" rating and set a $3.25 price target (up previously from $2.50) on shares of Granite Point Mortgage Trust in a report on Wednesday, May 21st.
Check Out Our Latest Analysis on Granite Point Mortgage Trust
Insider Activity at Granite Point Mortgage Trust
In related news, Director Lazar Nikolic purchased 47,832 shares of the business's stock in a transaction dated Wednesday, May 21st. The stock was bought at an average cost of $2.50 per share, with a total value of $119,580.00. Following the completion of the acquisition, the director now directly owns 648,594 shares in the company, valued at $1,621,485. The trade was a 7.96% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have purchased 55,953 shares of company stock worth $138,197 in the last quarter. Company insiders own 3.10% of the company's stock.
Hedge Funds Weigh In On Granite Point Mortgage Trust
Several institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC raised its position in shares of Granite Point Mortgage Trust by 9.4% during the 1st quarter. Acadian Asset Management LLC now owns 602,372 shares of the company's stock valued at $1,565,000 after buying an additional 51,780 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Granite Point Mortgage Trust by 473.4% in the first quarter. AQR Capital Management LLC now owns 156,518 shares of the company's stock worth $407,000 after purchasing an additional 129,222 shares during the period. Cura Wealth Advisors LLC raised its stake in Granite Point Mortgage Trust by 16.8% during the first quarter. Cura Wealth Advisors LLC now owns 1,465,929 shares of the company's stock valued at $3,811,000 after purchasing an additional 210,408 shares in the last quarter. Vident Advisory LLC purchased a new stake in shares of Granite Point Mortgage Trust in the first quarter valued at $124,000. Finally, Ieq Capital LLC increased its stake in Granite Point Mortgage Trust by 123.4% in the 1st quarter. Ieq Capital LLC now owns 35,081 shares of the company's stock worth $91,000 after buying an additional 19,378 shares during the period. Institutional investors and hedge funds own 51.63% of the company's stock.
Granite Point Mortgage Trust Price Performance
GPMT stock traded up $0.11 during trading hours on Wednesday, reaching $2.41. 1,003,063 shares of the stock were exchanged, compared to its average volume of 424,566. The company has a market cap of $116.43 million, a price-to-earnings ratio of -0.78 and a beta of 1.77. The firm's 50-day moving average is $2.20 and its 200-day moving average is $2.63. Granite Point Mortgage Trust has a 12 month low of $1.61 and a 12 month high of $3.66.
Granite Point Mortgage Trust Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be paid a $0.05 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $0.20 annualized dividend and a dividend yield of 8.32%. Granite Point Mortgage Trust's dividend payout ratio is -6.49%.
Granite Point Mortgage Trust Company Profile
(
Get Free Report)
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.
Further Reading
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