Granite Point Mortgage Trust Inc. (NYSE:GPMT) Short Interest Update

Granite Point Mortgage Trust Inc. (NYSE:GPMT) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 1,250,000 shares, a decline of 11.3% from the October 15th total of 1,410,000 shares. Approximately 2.6% of the shares of the company are short sold. Based on an average daily trading volume, of 365,500 shares, the days-to-cover ratio is presently 3.4 days.

Wall Street Analyst Weigh In

GPMT has been the topic of several analyst reports. UBS Group raised their price target on shares of Granite Point Mortgage Trust from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Friday. Keefe, Bruyette & Woods lifted their price objective on shares of 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

NYSE:GPMT traded up $0.07 during mid-day trading on Monday, reaching $3.33. The company’s stock had a trading volume of 253,910 shares, compared to its average volume of 430,766. The stock has a market cap of $166.36 million, a P/E ratio of -0.84 and a beta of 1.79. Granite Point Mortgage Trust has a twelve month low of $2.46 and a twelve month high of $6.41. The company’s fifty day simple moving average is $3.01 and its two-hundred day simple moving average is $3.02.

Granite Point Mortgage Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were issued a $0.05 dividend. The ex-dividend date was Tuesday, October 1st. This represents a $0.20 annualized dividend and a yield of 6.01%. Granite Point Mortgage Trust’s dividend payout ratio is currently -5.18%.

Hedge Funds Weigh In On Granite Point Mortgage Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GPMT. FMR LLC grew its holdings in Granite Point Mortgage Trust by 237.2% in the 3rd quarter. FMR LLC now owns 8,296 shares of the company’s stock worth $26,000 after buying an additional 5,836 shares in the last quarter. Intech Investment Management LLC bought a new stake in Granite Point Mortgage Trust during the third quarter valued at about $46,000. B. Riley Wealth Advisors Inc. bought a new position in shares of Granite Point Mortgage Trust during the 1st quarter worth about $55,000. M&T Bank Corp bought a new position in Granite Point Mortgage Trust in the third quarter worth $61,000. Finally, Naviter Wealth LLC increased its stake in Granite Point Mortgage Trust by 53.6% in the second quarter. Naviter Wealth LLC now owns 21,500 shares of the company’s stock valued at $64,000 after acquiring an additional 7,500 shares during the period. 51.63% of the stock is owned by hedge funds and other institutional investors.

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.