Short Interest in Granite Point Mortgage Trust Inc. (NYSE:GPMT) Expands By 24.6%

Granite Point Mortgage Trust Inc. (NYSE:GPMT - Get Free Report) was the target of a large growth in short interest during 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. Currently, 3.9% of the shares of the company are short sold. Based on an average daily volume of 420,100 shares, the short-interest ratio is currently 4.2 days.

Analyst Ratings Changes

Several research firms recently issued reports on GPMT. UBS Group restated a "buy" rating and issued a $3.25 target price (up previously from $2.50) on shares of Granite Point Mortgage Trust in a report on Wednesday, May 21st. Keefe, Bruyette & Woods dropped their price objective on shares of Granite Point Mortgage Trust from $2.50 to $2.25 and set a "market perform" rating on the stock in a report on Wednesday, April 30th. Finally, Wall Street Zen raised shares of Granite Point Mortgage Trust from a "sell" rating to a "hold" rating in a research report on Saturday.

Insiders Place Their Bets

In other news, Director Lazar Nikolic acquired 47,832 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were acquired at an average cost of $2.50 per share, with a total value of $119,580.00. Following the completion of the purchase, the director now directly owns 648,594 shares of the company's stock, valued at $1,621,485. The trade was a 7.96% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders purchased 55,953 shares of company stock worth $138,197 over the last three months. Insiders own 3.10% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of GPMT. Wolverine Asset Management LLC raised its position in shares of Granite Point Mortgage Trust by 209.2% during the 4th quarter. Wolverine Asset Management LLC now owns 493,848 shares of the company's stock valued at $1,378,000 after purchasing an additional 334,109 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Granite Point Mortgage Trust in the 4th quarter worth $634,000. Corient Private Wealth LLC grew its stake in shares of Granite Point Mortgage Trust by 10.5% in the 4th quarter. Corient Private Wealth LLC now owns 47,666 shares of the company's stock worth $133,000 after buying an additional 4,511 shares in the last quarter. Intech Investment Management LLC grew its stake in shares of Granite Point Mortgage Trust by 54.9% in the 4th quarter. Intech Investment Management LLC now owns 22,432 shares of the company's stock worth $63,000 after buying an additional 7,952 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Granite Point Mortgage Trust in the 4th quarter worth $43,000. 51.63% of the stock is owned by hedge funds and other institutional investors.

Granite Point Mortgage Trust Stock Down 1.9%

GPMT traded down $0.05 on Friday, hitting $2.38. The company's stock had a trading volume of 2,641,882 shares, compared to its average volume of 429,555. The company's 50 day simple moving average is $2.22 and its 200-day simple moving average is $2.61. The firm has a market cap of $114.97 million, a P/E ratio of -0.77 and a beta of 1.77. 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 company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be issued a $0.05 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $0.20 annualized dividend and a yield of 8.42%. Granite Point Mortgage Trust's dividend payout ratio (DPR) is presently -6.49%.

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.