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

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) had its target price upped by Keefe, Bruyette & Woods from $2.25 to $2.75 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' price target points to a potential upside of 6.59% from the company's previous close.

A number of other equities research analysts also recently weighed in on the company. Wall Street Zen raised Granite Point Mortgage Trust from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. UBS Group reaffirmed a "buy" rating and issued a $3.25 price objective (up previously from $2.50) on shares of Granite Point Mortgage Trust in a report on Wednesday, May 21st.

Granite Point Mortgage Trust Stock Performance

GPMT traded up $0.03 during trading on Thursday, reaching $2.58. 194,701 shares of the company traded hands, compared to its average volume of 448,852. Granite Point Mortgage Trust has a 12-month low of $1.61 and a 12-month high of $3.66. The firm has a fifty day simple moving average of $2.44 and a 200 day simple moving average of $2.55. The company has a market cap of $124.90 million, a P/E ratio of -0.84 and a beta of 1.71.

Insider Activity at Granite Point Mortgage Trust

In related news, Director Lazar Nikolic acquired 47,832 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was bought 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 directly owned 648,594 shares of the company's stock, valued at approximately $1,621,485. The trade was a 7.96% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have acquired a total of 55,953 shares of company stock worth $138,197 in the last three months. Insiders own 3.10% of the company's stock.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Several institutional investors have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC acquired a new position in Granite Point Mortgage Trust during the first quarter worth $30,000. MetLife Investment Management LLC raised its holdings in 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 acquiring an additional 6,487 shares during the last quarter. CWM LLC boosted its stake in Granite Point Mortgage Trust by 368.2% in the 1st quarter. CWM LLC now owns 15,047 shares of the company's stock worth $39,000 after buying an additional 11,833 shares during the last quarter. ProShare Advisors LLC acquired a new position in Granite Point Mortgage Trust during the fourth quarter worth approximately $40,000. Finally, Tower Research Capital LLC TRC raised its position in shares of Granite Point Mortgage Trust by 190.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 14,786 shares of the company's stock worth $41,000 after buying an additional 9,697 shares during the period. 51.63% of the stock is owned by institutional investors and hedge funds.

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.