Granite Point Mortgage Trust (NYSE:GPMT) Stock Price Expected to Rise, UBS Group Analyst Says

Granite Point Mortgage Trust (NYSE:GPMT) had its price target raised by UBS Group from $3.50 to $4.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, Keefe, Bruyette & Woods upped their price objective on Granite Point Mortgage Trust from $2.75 to $3.00 and gave the stock an “underperform” rating in a research report on Tuesday, November 12th.

Granite Point Mortgage Trust Price Performance

Shares of GPMT opened at $3.26 on Friday. The firm has a 50 day simple moving average of $3.01 and a two-hundred day simple moving average of $3.02. Granite Point Mortgage Trust has a one year low of $2.46 and a one year high of $6.41. The company has a market cap of $162.86 million, a P/E ratio of -0.84 and a beta of 1.79.

Granite Point Mortgage Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were issued a dividend of $0.05 per share. The ex-dividend date was Tuesday, October 1st. This represents a $0.20 annualized dividend and a dividend yield of 6.13%. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is presently -5.18%.

Institutional Investors Weigh In On Granite Point Mortgage Trust

A number of hedge funds and other institutional investors have recently bought and sold shares of GPMT. Acadian Asset Management LLC raised its position in Granite Point Mortgage Trust by 2.6% in the first quarter. Acadian Asset Management LLC now owns 1,323,871 shares of the company’s stock valued at $6,314,000 after purchasing an additional 33,474 shares during the last quarter. Epiq Partners LLC increased its stake in shares of Granite Point Mortgage Trust by 2.3% in the second quarter. Epiq Partners LLC now owns 591,825 shares of the company’s stock valued at $1,758,000 after buying an additional 13,400 shares during the period. Penserra Capital Management LLC raised its holdings in Granite Point Mortgage Trust by 23.0% in the 3rd quarter. Penserra Capital Management LLC now owns 318,670 shares of the company’s stock valued at $1,010,000 after buying an additional 59,520 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its position in Granite Point Mortgage Trust by 115.7% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 209,802 shares of the company’s stock worth $1,001,000 after buying an additional 112,523 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Granite Point Mortgage Trust by 13.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 184,943 shares of the company’s stock worth $549,000 after acquiring an additional 21,810 shares during the last quarter. Institutional investors 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.