Granite Point Mortgage Trust Inc. (NYSE:GPMT) Short Interest Update

Key Points

• Granite Point Mortgage Trust Inc. experienced a significant increase in short interest, growing by 50.7% to 256,600 shares as of August 15th, with approximately 0.6% of its stock short sold.
• Analysts have given mixed ratings for GPMT, with UBS Group raising its price target from $3.25 to $3.50 and other firms rating it as "hold," contributing to an average target price of $3.13.
• The company declared a quarterly dividend of $0.05 per share, resulting in a 6.6% annualized yield despite a -9.43% dividend payout ratio.

Granite Point Mortgage Trust Inc. (NYSE:GPMT - Get Free Report) saw a large growth in short interest in August. As of August 15th, there was short interest totaling 256,600 shares, agrowthof50.7% from the July 31st total of 170,300 shares. Approximately0.6% of the company's stock are short sold. Based on an average trading volume of 521,300 shares, the days-to-cover ratio is currently 0.5 days. Based on an average trading volume of 521,300 shares, the days-to-cover ratio is currently 0.5 days. Approximately0.6% of the company's stock are short sold.

Analyst Upgrades and Downgrades

GPMT has been the subject of several research reports. UBS Group increased their price objective 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. Wall Street Zen raised Granite Point Mortgage Trust from a "sell" rating to a "hold" rating in a report on Saturday, June 21st. Finally, Keefe, Bruyette & Woods increased their price objective on Granite Point Mortgage Trust from $2.25 to $2.75 and gave the company a "market perform" rating in a report on Thursday, July 10th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Granite Point Mortgage Trust presently has an average rating of "Hold" and a consensus target price of $3.13.

Granite Point Mortgage Trust Price Performance

Granite Point Mortgage Trust stock traded up $0.05 during mid-day trading on Friday, hitting $3.02. 285,683 shares of the company's stock traded hands, compared to its average volume of 229,338. The firm has a 50 day simple moving average of $2.68 and a two-hundred day simple moving average of $2.49. Granite Point Mortgage Trust has a fifty-two week low of $1.61 and a fifty-two week high of $3.66. The stock has a market cap of $142.91 million, a price-to-earnings ratio of -1.42 and a beta of 1.83.

Granite Point Mortgage Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $0.20 annualized dividend and a yield of 6.6%. Granite Point Mortgage Trust's dividend payout ratio (DPR) is currently -9.43%.

Insider Buying and Selling at Granite Point Mortgage Trust

In other Granite Point Mortgage Trust news, Director Lazar Nikolic purchased 3,000 shares of the firm's stock in a transaction dated Wednesday, August 13th. The stock was 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 of the company's stock, 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 SEC, which can be accessed through this link. 3.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Several hedge funds have recently added to or reduced their stakes in GPMT. May Hill Capital LLC acquired a new stake in Granite Point Mortgage Trust during the 2nd quarter valued at $28,000. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Granite Point Mortgage Trust during the second quarter worth $28,000. Confluence Wealth Services Inc. acquired a new stake in shares of Granite Point Mortgage Trust during the second quarter worth $29,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Granite Point Mortgage Trust during the first quarter worth $30,000. Finally, Hudson Bay Capital Management LP acquired a new stake in shares of Granite Point Mortgage Trust during the second quarter worth $31,000. Institutional investors and hedge funds own 51.63% of the company's stock.

About Granite Point Mortgage Trust

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.

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