Granite Point Mortgage Trust's (GPMT) Buy Rating Reiterated at UBS Group

UBS Group restated their buy rating on shares of Granite Point Mortgage Trust (NYSE:GPMT - Free Report) in a report released on Wednesday, Marketbeat Ratings reports. UBS Group currently has a $3.25 price target on the stock, up from their prior price target of $2.50.

GPMT has been the topic of several other research reports. Keefe, Bruyette & Woods dropped their price objective on shares of Granite Point Mortgage Trust from $2.50 to $2.25 and set a "market perform" rating on the stock in a report on Wednesday, April 30th. JMP Securities reaffirmed a "market perform" rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, February 18th.

Granite Point Mortgage Trust Price Performance

Shares of Granite Point Mortgage Trust stock traded up $0.02 during trading on Wednesday, reaching $2.39. 325,931 shares of the company traded hands, compared to its average volume of 421,443. The firm has a market capitalization of $115.45 million, a PE ratio of -0.54 and a beta of 1.66. Granite Point Mortgage Trust has a 1-year low of $1.61 and a 1-year high of $3.66. The company has a 50 day moving average price of $2.18 and a 200-day moving average price of $2.73.

Granite Point Mortgage Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 1st were given a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 8.39%. The ex-dividend date was Tuesday, April 1st. Granite Point Mortgage Trust's dividend payout ratio (DPR) is currently -6.49%.

Insider Buying and Selling

In other Granite Point Mortgage Trust news, Director Patrick Gregory Halter bought 34,001 shares of Granite Point Mortgage Trust stock in a transaction that occurred on Tuesday, February 25th. The stock was acquired at an average cost of $2.80 per share, for a total transaction of $95,202.80. Following the completion of the transaction, the director now directly owns 34,001 shares in the company, valued at $95,202.80. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lazar Nikolic bought 47,832 shares of the firm's stock in a transaction on 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 now directly owns 648,594 shares in the company, valued at approximately $1,621,485. The trade was a 7.96% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 90,723 shares of company stock valued at $247,047. Company insiders own 2.30% of the company's stock.

Institutional Trading of Granite Point Mortgage Trust

Hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. raised its position in Granite Point Mortgage Trust by 121.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 281,251 shares of the company's stock valued at $892,000 after purchasing an additional 154,202 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Granite Point Mortgage Trust by 33.1% during the fourth quarter. SG Americas Securities LLC now owns 27,647 shares of the company's stock valued at $77,000 after acquiring an additional 6,878 shares in the last quarter. Wolverine Asset Management LLC raised its holdings in shares of Granite Point Mortgage Trust by 209.2% during the fourth quarter. Wolverine Asset Management LLC now owns 493,848 shares of the company's stock valued at $1,378,000 after acquiring an additional 334,109 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Granite Point Mortgage Trust in the fourth quarter worth $634,000. Finally, Corient Private Wealth LLC boosted its holdings in Granite Point Mortgage Trust by 10.5% in the fourth quarter. Corient Private Wealth LLC now owns 47,666 shares of the company's stock valued at $133,000 after acquiring an additional 4,511 shares in the last quarter. Hedge funds and other institutional investors own 51.63% of the company's stock.

Granite Point Mortgage Trust Company Profile

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.