Granite Point Mortgage Trust Inc. (NYSE:GPMT) Sees Significant Growth in Short Interest

Granite Point Mortgage Trust Inc. (NYSE:GPMT - Get Free Report) saw a large increase in short interest in April. As of April 15th, there was short interest totalling 510,300 shares, an increase of 7.5% from the March 31st total of 474,500 shares. Currently, 1.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 420,700 shares, the days-to-cover ratio is currently 1.2 days.

Wall Street Analysts Forecast Growth

GPMT has been the subject of a number of recent research reports. UBS Group dropped their price objective on shares of Granite Point Mortgage Trust from $6.50 to $6.00 and set a "buy" rating for the company in a research note on Wednesday, March 20th. Raymond James dropped their price objective on shares of Granite Point Mortgage Trust from $7.00 to $6.50 and set an "outperform" rating for the company in a research note on Friday, February 16th. JMP Securities cut shares of Granite Point Mortgage Trust from an "outperform" rating to a "market perform" rating in a research note on Tuesday, February 20th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Granite Point Mortgage Trust from $5.00 to $4.75 and set an "underperform" rating for the company in a research note on Wednesday, April 10th.

Granite Point Mortgage Trust Trading Up 0.6 %

Shares of Granite Point Mortgage Trust stock traded up $0.03 during mid-day trading on Wednesday, reaching $4.32. 272,743 shares of the stock were exchanged, compared to its average volume of 403,954. The company has a market cap of $219.16 million, a price-to-earnings ratio of -2.87 and a beta of 1.80. The firm has a 50-day simple moving average of $4.60 and a 200 day simple moving average of $5.06. Granite Point Mortgage Trust has a fifty-two week low of $3.97 and a fifty-two week high of $6.41.

Granite Point Mortgage Trust Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 13.90%. The ex-dividend date was Thursday, March 28th. Granite Point Mortgage Trust's dividend payout ratio (DPR) is currently -40.00%.

Institutional Investors Weigh In On Granite Point Mortgage Trust

A number of hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC grew its holdings in Granite Point Mortgage Trust by 367.4% during the 3rd quarter. Acadian Asset Management LLC now owns 972,799 shares of the company's stock worth $4,746,000 after acquiring an additional 764,665 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Granite Point Mortgage Trust by 21.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,022,855 shares of the company's stock worth $6,076,000 after acquiring an additional 181,062 shares during the last quarter. Camelot Portfolios LLC grew its holdings in Granite Point Mortgage Trust by 68.3% during the 4th quarter. Camelot Portfolios LLC now owns 362,570 shares of the company's stock worth $2,154,000 after acquiring an additional 147,081 shares during the last quarter. Arete Wealth Advisors LLC grew its holdings in Granite Point Mortgage Trust by 20.8% during the 3rd quarter. Arete Wealth Advisors LLC now owns 754,287 shares of the company's stock worth $3,681,000 after acquiring an additional 129,800 shares during the last quarter. Finally, Relative Value Partners Group LLC grew its holdings in Granite Point Mortgage Trust by 11.8% during the 4th quarter. Relative Value Partners Group LLC now owns 616,763 shares of the company's stock worth $3,664,000 after acquiring an additional 65,057 shares during the last quarter. 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.

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