Granite Point Mortgage Trust's (GPMT) Sell (D-) Rating Reaffirmed at Weiss Ratings

Key Points

• Granite Point Mortgage Trust (GPMT) has had its "sell (D-)" rating reaffirmed by Weiss Ratings, indicating ongoing concerns about the stock's performance.
• Despite the sell rating, Keefe, Bruyette & Woods and UBS Group upgraded their price targets and ratings for GPMT, reflecting differing opinions among analysts.
• Recent insider trading shows significant activity, with Director Lazar Nikolic purchasing shares, indicating potential confidence in the company's future.

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report)'s stock had its "sell (d-)" rating restated by stock analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

A number of other brokerages also recently commented on GPMT. Keefe, Bruyette & Woods increased their price target on 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. Wall Street Zen raised Granite Point Mortgage Trust from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. Finally, UBS Group increased their price target on Granite Point Mortgage Trust from $3.25 to $3.50 and gave the company a "buy" rating in a research report on Wednesday, August 20th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Granite Point Mortgage Trust presently has an average rating of "Hold" and a consensus price target of $3.13.

Granite Point Mortgage Trust Trading Up 1.1%

Shares of GPMT opened at $2.74 on Wednesday. The company has a market capitalization of $129.88 million, a price-to-earnings ratio of -1.29 and a beta of 1.89. The stock has a 50 day moving average of $2.87 and a 200 day moving average of $2.52. Granite Point Mortgage Trust has a 12 month low of $1.61 and a 12 month high of $3.66.

Insider Activity at Granite Point Mortgage Trust

In related news, Director Lazar Nikolic purchased 3,000 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was purchased at an average cost 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 3.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Several large investors have recently added to or reduced their stakes in the business. MetLife Investment Management LLC boosted its stake in Granite Point Mortgage Trust by 68.3% during the first quarter. MetLife Investment Management LLC now owns 21,334 shares of the company's stock valued at $55,000 after buying an additional 8,658 shares during the period. May Hill Capital LLC bought a new stake in Granite Point Mortgage Trust during the second quarter valued at $28,000. B. Riley Wealth Advisors Inc. bought a new stake in Granite Point Mortgage Trust during the second quarter valued at $28,000. Confluence Wealth Services Inc. bought a new stake in Granite Point Mortgage Trust during the second quarter valued at $29,000. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in Granite Point Mortgage Trust during the first quarter valued at $30,000. 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.

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