Keefe, Bruyette & Woods Increases Granite Point Mortgage Trust (NYSE:GPMT) Price Target to $2.75

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) had its price target increased by research analysts at Keefe, Bruyette & Woods from $2.25 to $2.75 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' price target suggests a potential upside of 8.91% from the stock's previous close.

A number of other research firms have also recently commented on GPMT. Wall Street Zen raised shares of Granite Point Mortgage Trust from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. UBS Group reaffirmed a "buy" rating and set a $3.25 price target (up from $2.50) on shares of Granite Point Mortgage Trust in a research note on Wednesday, May 21st.

Granite Point Mortgage Trust Trading Down 1.4%

Shares of GPMT stock traded down $0.04 during trading hours on Thursday, reaching $2.53. 239,016 shares of the stock were exchanged, compared to its average volume of 448,016. Granite Point Mortgage Trust has a 12-month low of $1.61 and a 12-month high of $3.66. The company's 50-day moving average price is $2.44 and its 200-day moving average price is $2.55. The firm has a market capitalization of $122.24 million, a price-to-earnings ratio of -0.82 and a beta of 1.71.

Insider Transactions at Granite Point Mortgage Trust

In other Granite Point Mortgage Trust news, Director Lazar Nikolic purchased 47,832 shares of Granite Point Mortgage Trust stock in a transaction dated Wednesday, May 21st. The stock was acquired at an average price of $2.50 per share, for a total transaction of $119,580.00. Following the acquisition, the director owned 648,594 shares in the company, valued at $1,621,485. This trade represents a 7.96% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have bought 55,953 shares of company stock valued at $138,197. 3.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Large investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Granite Point Mortgage Trust in the 1st quarter valued at about $30,000. Farther Finance Advisors LLC raised its holdings in shares of Granite Point Mortgage Trust by 1,460.6% in the 2nd quarter. Farther Finance Advisors LLC now owns 13,062 shares of the company's stock valued at $32,000 after purchasing an additional 12,225 shares in the last quarter. MetLife Investment Management LLC raised its holdings in shares of Granite Point Mortgage Trust by 104.8% in the 4th quarter. MetLife Investment Management LLC now owns 12,676 shares of the company's stock valued at $35,000 after purchasing an additional 6,487 shares in the last quarter. CWM LLC raised its stake in shares of Granite Point Mortgage Trust by 368.2% during the 1st quarter. CWM LLC now owns 15,047 shares of the company's stock worth $39,000 after acquiring an additional 11,833 shares in the last quarter. Finally, ProShare Advisors LLC bought a new position in shares of Granite Point Mortgage Trust during the 4th quarter worth approximately $40,000. 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.