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) was the recipient of a large growth in short interest in the month of August. As of August 15th, there was short interest totaling 256,600 shares, a growth of 50.7% from the July 31st total of 170,300 shares. Currently, 0.6% of the shares of the company are short sold. Based on an average daily trading volume, of 521,300 shares, the days-to-cover ratio is presently 0.5 days. Based on an average daily trading volume, of 521,300 shares, the days-to-cover ratio is presently 0.5 days. Currently, 0.6% of the shares of the company are short sold.

Insider Activity

In other news, Director Lazar Nikolic acquired 3,000 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was bought at an average price of $19.61 per share, with a total value of $58,830.00. Following the completion of the acquisition, the director directly owned 4,193 shares of the company's stock, valued at approximately $82,224.73. The trade was a 251.47% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Marshall Wace LLP raised its position in shares of Granite Point Mortgage Trust by 9,425.4% during the second quarter. Marshall Wace LLP now owns 1,007,221 shares of the company's stock valued at $2,488,000 after buying an additional 996,647 shares during the last quarter. Epiq Partners LLC grew its stake in Granite Point Mortgage Trust by 128.1% during the first quarter. Epiq Partners LLC now owns 1,241,150 shares of the company's stock valued at $3,227,000 after acquiring an additional 696,925 shares in the last quarter. Jane Street Group LLC increased its holdings in Granite Point Mortgage Trust by 1,020.8% in the 2nd quarter. Jane Street Group LLC now owns 720,441 shares of the company's stock valued at $1,779,000 after acquiring an additional 656,164 shares during the last quarter. Truffle Hound Capital LLC bought a new stake in Granite Point Mortgage Trust in the 2nd quarter valued at $988,000. Finally, Cura Wealth Advisors LLC lifted its stake in Granite Point Mortgage Trust by 16.8% in the 1st quarter. Cura Wealth Advisors LLC now owns 1,465,929 shares of the company's stock worth $3,811,000 after purchasing an additional 210,408 shares in the last quarter. 51.63% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on GPMT shares. Wall Street Zen raised shares of Granite Point Mortgage Trust from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. UBS Group increased their price target on shares of Granite Point Mortgage Trust from $3.25 to $3.50 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Granite Point Mortgage Trust from $2.25 to $2.75 and gave the company a "market perform" rating in a research report on Thursday, July 10th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $3.13.

Granite Point Mortgage Trust Trading Down 0.3%

Shares of GPMT traded down $0.01 during trading hours on Friday, reaching $3.00. 144,334 shares of the stock traded hands, compared to its average volume of 217,020. The company has a market cap of $142.20 million, a P/E ratio of -1.42 and a beta of 1.83. The company's 50-day moving average price is $2.72 and its two-hundred day moving average price is $2.51. Granite Point Mortgage Trust has a 52-week low of $1.61 and a 52-week high of $3.66.

Granite Point Mortgage Trust Announces Dividend

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

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.