Granite Point Mortgage Trust (NYSE:GPMT) Given New $3.00 Price Target at Keefe, Bruyette & Woods

Granite Point Mortgage Trust (NYSE:GPMT) had its price target hoisted by Keefe, Bruyette & Woods from $2.75 to $3.00 in a report published on Tuesday morning,Benzinga reports. They currently have an underperform rating on the stock.

Granite Point Mortgage Trust Trading Down 2.5 %

Granite Point Mortgage Trust stock opened at $3.27 on Tuesday. The stock has a market cap of $163.12 million, a PE ratio of -0.85 and a beta of 1.79. The stock has a 50-day moving average price of $3.01 and a 200 day moving average price of $3.04. Granite Point Mortgage Trust has a 52 week low of $2.46 and a 52 week high of $6.41.

Granite Point Mortgage Trust Announces Dividend

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

Institutional Trading of Granite Point Mortgage Trust

Several hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC lifted its stake in shares of Granite Point Mortgage Trust by 237.2% during the 3rd quarter. FMR LLC now owns 8,296 shares of the company’s stock worth $26,000 after purchasing an additional 5,836 shares during the period. Intech Investment Management LLC purchased a new position in Granite Point Mortgage Trust during the third quarter worth about $46,000. B. Riley Wealth Advisors Inc. purchased a new position in Granite Point Mortgage Trust during the first quarter worth about $55,000. M&T Bank Corp acquired a new stake in Granite Point Mortgage Trust in the 3rd quarter worth about $61,000. Finally, Naviter Wealth LLC grew its holdings in Granite Point Mortgage Trust by 53.6% in the 2nd quarter. Naviter Wealth LLC now owns 21,500 shares of the company’s stock valued at $64,000 after buying 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.