14,000 Shares in Granite Point Mortgage Trust Inc. (NYSE:GPMT) Acquired by Naviter Wealth LLC

Naviter Wealth LLC purchased a new stake in Granite Point Mortgage Trust Inc. (NYSE:GPMT) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,000 shares of the company’s stock, valued at approximately $69,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Westend Capital Management LLC acquired a new stake in shares of Granite Point Mortgage Trust during the first quarter worth about $43,000. Gladius Capital Management LP purchased a new stake in shares of Granite Point Mortgage Trust during the fourth quarter worth approximately $44,000. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Granite Point Mortgage Trust during the third quarter worth $55,000. Tower Research Capital LLC TRC increased its stake in Granite Point Mortgage Trust by 676.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,758 shares of the company’s stock valued at $64,000 after buying an additional 9,372 shares during the period. Finally, Oak Thistle LLC purchased a new position in Granite Point Mortgage Trust during the 4th quarter worth $67,000. Institutional investors and hedge funds own 51.63% of the company’s stock.

Granite Point Mortgage Trust Trading Up 1.4 %

Shares of NYSE:GPMT traded up $0.04 on Tuesday, reaching $2.92. 480,629 shares of the company were exchanged, compared to its average volume of 463,615. The company has a 50-day moving average of $3.40 and a 200-day moving average of $4.54. The firm has a market cap of $149.01 million, a price-to-earnings ratio of -1.26 and a beta of 1.79. Granite Point Mortgage Trust Inc. has a 1-year low of $2.77 and a 1-year high of $6.41.

Granite Point Mortgage Trust Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, July 1st will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, July 1st. This represents a $0.20 annualized dividend and a yield of 6.85%. Granite Point Mortgage Trust’s payout ratio is currently -25.97%.

Insider Buying and Selling at Granite Point Mortgage Trust

In related news, Director Stephen G. Kasnet sold 27,027 shares of Granite Point Mortgage Trust stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $3.08, for a total transaction of $83,243.16. Following the completion of the transaction, the director now directly owns 121,066 shares of the company’s stock, valued at $372,883.28. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

GPMT has been the topic of several analyst reports. Keefe, Bruyette & Woods lowered their target price on shares of Granite Point Mortgage Trust from $5.00 to $4.75 and set an “underperform” rating on the stock in a report on Wednesday, April 10th. UBS Group lowered their price objective on Granite Point Mortgage Trust from $6.50 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, March 20th.

Granite Point Mortgage Trust 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.