Zacks Investment Research upgraded shares of Granite Point Mortgage Trust (NYSE:GPMT) from a hold rating to a buy rating in a report released on Monday morning. The brokerage currently has $21.00 price objective on the stock.
According to Zacks, “Granite Point Mortgage Trust Inc. focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point Mortgage Trust Inc. is headquatered in New York, United States. “
Separately, JPMorgan Chase & Co. lowered Granite Point Mortgage Trust from an overweight rating to a neutral rating and set a $19.50 target price on the stock. in a report on Wednesday, January 16th. Four investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $20.10.
Granite Point Mortgage Trust stock opened at $18.97 on Monday. Granite Point Mortgage Trust has a twelve month low of $16.38 and a twelve month high of $19.69. The company has a debt-to-equity ratio of 1.11, a quick ratio of 28.78 and a current ratio of 1.64. The firm has a market cap of $840.26 million, a PE ratio of 13.36 and a beta of 0.38.
The firm also recently announced a quarterly dividend, which was paid on Friday, January 18th. Investors of record on Monday, December 31st were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 8.86%. The ex-dividend date was Friday, December 28th. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is presently 118.31%.
In other Granite Point Mortgage Trust news, COO Steven Plust sold 4,523 shares of the firm’s stock in a transaction dated Wednesday, January 30th. The stock was sold at an average price of $19.55, for a total transaction of $88,424.65. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John A. Taylor sold 10,734 shares of the firm’s stock in a transaction dated Wednesday, January 30th. The stock was sold at an average price of $19.50, for a total value of $209,313.00. The disclosure for this sale can be found here. Insiders sold 17,647 shares of company stock worth $344,432 in the last three months. 2.10% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in GPMT. Raymond James & Associates acquired a new stake in shares of Granite Point Mortgage Trust during the second quarter worth about $1,070,000. Millennium Management LLC lifted its position in Granite Point Mortgage Trust by 250.5% in the second quarter. Millennium Management LLC now owns 138,493 shares of the company’s stock valued at $2,541,000 after purchasing an additional 98,983 shares during the period. Northern Trust Corp increased its holdings in Granite Point Mortgage Trust by 1.9% in the second quarter. Northern Trust Corp now owns 630,613 shares of the company’s stock valued at $11,572,000 after buying an additional 11,731 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in shares of Granite Point Mortgage Trust during the 3rd quarter worth approximately $275,000. Finally, Louisiana State Employees Retirement System purchased a new position in shares of Granite Point Mortgage Trust during the 3rd quarter worth approximately $370,000. Institutional investors and hedge funds own 73.56% of the company’s stock.
Granite Point Mortgage Trust Company Profile
Granite Point Mortgage Trust Inc 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. As of December 31, 2017, its investment portfolio includes 61 commercial real estate debt investments.
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