Granite Point Mortgage Trust (NYSE:GPMT) Stock Rating Upgraded by Wall Street Zen

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday.

A number of other research analysts also recently issued reports on the company. Keefe, Bruyette & Woods dropped their price objective on Granite Point Mortgage Trust from $2.50 to $2.25 and set a "market perform" rating on the stock in a research note on Wednesday, April 30th. UBS Group reiterated a "buy" rating and issued a $3.25 target price (up from $2.50) on shares of Granite Point Mortgage Trust in a report on Wednesday, May 21st.

Granite Point Mortgage Trust Trading Up 2.5%

GPMT stock traded up $0.07 during trading on Friday, hitting $2.69. The company had a trading volume of 463,967 shares, compared to its average volume of 428,637. Granite Point Mortgage Trust has a one year low of $1.61 and a one year high of $3.66. The business has a 50-day moving average of $2.24 and a 200-day moving average of $2.60. The stock has a market cap of $129.98 million, a PE ratio of -0.87 and a beta of 1.77.

Insider Activity

In other Granite Point Mortgage Trust news, Director Lazar Nikolic bought 47,832 shares of the firm'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 transaction, the director now directly owns 648,594 shares in the company, valued at approximately $1,621,485. The trade was a 7.96% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders bought a total of 55,953 shares of company stock worth $138,197 in the last three months. Company insiders own 3.10% of the company's stock.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Large investors have recently added to or reduced their stakes in the business. Wolverine Asset Management LLC raised its stake in shares of Granite Point Mortgage Trust by 209.2% in the fourth quarter. Wolverine Asset Management LLC now owns 493,848 shares of the company's stock worth $1,378,000 after purchasing an additional 334,109 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Granite Point Mortgage Trust in the 4th quarter valued at $634,000. Corient Private Wealth LLC lifted its stake in Granite Point Mortgage Trust by 10.5% during the 4th quarter. Corient Private Wealth LLC now owns 47,666 shares of the company's stock valued at $133,000 after acquiring an additional 4,511 shares in the last quarter. Intech Investment Management LLC lifted its stake in Granite Point Mortgage Trust by 54.9% during the 4th quarter. Intech Investment Management LLC now owns 22,432 shares of the company's stock valued at $63,000 after acquiring an additional 7,952 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in Granite Point Mortgage Trust during the 4th quarter worth $43,000. Institutional investors 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.