Granite Point Mortgage Trust (GPMT) Upgraded to Buy at Zacks Investment Research

Share on StockTwits

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.

See Also: How to Invest in an Index Fund

Get a free copy of the Zacks research report on Granite Point Mortgage Trust (GPMT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Granite Point Mortgage Trust (NYSE:GPMT)

Receive News & Ratings for Granite Point Mortgage Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Granite Point Mortgage Trust and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply