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

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) had its price target hoisted by Keefe, Bruyette & Woods from $2.25 to $2.75 in a report released on Thursday,Benzinga reports. The brokerage currently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' price target would suggest a potential upside of 8.91% from the stock's current price.

Other equities analysts have also issued research reports about the company. UBS Group reissued a "buy" rating and issued a $3.25 target price (up previously from $2.50) on shares of Granite Point Mortgage Trust in a report on Wednesday, May 21st. Wall Street Zen upgraded shares of Granite Point Mortgage Trust from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st.

Granite Point Mortgage Trust Stock Down 1.4%

NYSE:GPMT traded down $0.04 during trading hours on Thursday, reaching $2.53. 239,017 shares of the stock were exchanged, compared to its average volume of 445,354. The business has a 50-day moving average of $2.45 and a two-hundred day moving average of $2.54. Granite Point Mortgage Trust has a twelve month low of $1.61 and a twelve month high of $3.66. The company has a market capitalization of $122.24 million, a price-to-earnings ratio of -0.82 and a beta of 1.71.

Insider Buying and Selling at Granite Point Mortgage Trust

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 acquired at an average price of $2.50 per share, for a total transaction of $119,580.00. Following the completion of the purchase, the director owned 648,594 shares of the company's stock, valued at approximately $1,621,485. This represents a 7.96% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have bought a total of 55,953 shares of company stock worth $138,197 in the last three months. 3.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Several hedge funds have recently made changes to their positions in GPMT. Wealth Enhancement Advisory Services LLC acquired a new stake in Granite Point Mortgage Trust in the first quarter valued at about $30,000. Farther Finance Advisors LLC lifted its position in Granite Point Mortgage Trust by 1,460.6% in the second 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 during the period. MetLife Investment Management LLC lifted its position in Granite Point Mortgage Trust by 104.8% in the fourth 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 during the period. CWM LLC lifted its position in Granite Point Mortgage Trust by 368.2% in the first quarter. CWM LLC now owns 15,047 shares of the company's stock valued at $39,000 after purchasing an additional 11,833 shares during the period. Finally, ProShare Advisors LLC purchased a new position in Granite Point Mortgage Trust in the fourth quarter valued at about $40,000. 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.