Vanguard Group Inc. Buys 4,896 Shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT)

Vanguard Group Inc. increased its stake in Granite Point Mortgage Trust Inc. (NYSE:GPMT) by 0.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,816,800 shares of the company’s stock after acquiring an additional 4,896 shares during the period. Vanguard Group Inc. owned about 5.55% of Granite Point Mortgage Trust worth $13,436,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its stake in shares of Granite Point Mortgage Trust by 21.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,022,855 shares of the company’s stock valued at $6,076,000 after purchasing an additional 181,062 shares in the last quarter. GSA Capital Partners LLP boosted its position in Granite Point Mortgage Trust by 293.0% during the first quarter. GSA Capital Partners LLP now owns 93,540 shares of the company’s stock valued at $446,000 after buying an additional 69,741 shares during the period. Relative Value Partners Group LLC grew its stake in shares of Granite Point Mortgage Trust by 11.8% during the fourth quarter. Relative Value Partners Group LLC now owns 616,763 shares of the company’s stock valued at $3,664,000 after buying an additional 65,057 shares during the last quarter. Sierra Summit Advisors LLC purchased a new position in shares of Granite Point Mortgage Trust in the fourth quarter worth about $126,000. Finally, Abundance Wealth Counselors lifted its stake in shares of Granite Point Mortgage Trust by 62.6% in the 1st quarter. Abundance Wealth Counselors now owns 53,816 shares of the company’s stock valued at $257,000 after acquiring an additional 20,728 shares during the last quarter. Institutional investors own 51.63% of the company’s stock.

Insiders Place Their Bets

In related news, Director Stephen G. Kasnet sold 27,027 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $3.08, for a total value of $83,243.16. Following the completion of the sale, the director now owns 121,066 shares of the company’s stock, valued at $372,883.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods reduced their price target on Granite Point Mortgage Trust from $3.25 to $2.75 and set an “underperform” rating on the stock in a research report on Monday.

Granite Point Mortgage Trust Stock Up 2.2 %

Shares of Granite Point Mortgage Trust stock opened at $2.56 on Wednesday. The company’s fifty day simple moving average is $2.96 and its two-hundred day simple moving average is $3.91. Granite Point Mortgage Trust Inc. has a 12-month low of $2.49 and a 12-month high of $6.41. The firm has a market cap of $130.39 million, a PE ratio of -1.11 and a beta of 1.79.

Granite Point Mortgage Trust Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Monday, July 1st were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 7.83%. The ex-dividend date of this dividend was Monday, July 1st. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is currently -8.66%.

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.