Brokerages Set Granite Point Mortgage Trust Inc. (NYSE:GPMT) Price Target at $14.25

Granite Point Mortgage Trust Inc. (NYSE:GPMT – Get Rating) has been given an average rating of “Hold” by the six brokerages that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $14.25.

Several analysts recently weighed in on GPMT shares. Zacks Investment Research downgraded Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a research note on Tuesday, April 12th. JMP Securities reissued a “buy” rating and set a $15.00 price objective on shares of Granite Point Mortgage Trust in a report on Monday, March 28th. Finally, Credit Suisse Group decreased their price objective on Granite Point Mortgage Trust from $15.00 to $14.00 and set an “outperform” rating on the stock in a report on Tuesday, March 1st.

NYSE:GPMT traded down $0.01 during mid-day trading on Friday, hitting $10.44. 272,791 shares of the company’s stock traded hands, compared to its average volume of 319,737. The firm has a 50 day moving average of $11.06 and a two-hundred day moving average of $12.00. Granite Point Mortgage Trust has a 12 month low of $10.17 and a 12 month high of $15.92. The firm has a market capitalization of $562.30 million, a price-to-earnings ratio of 9.16 and a beta of 1.38.

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 15th. Stockholders of record on Friday, April 1st were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 9.58%. The ex-dividend date was Thursday, March 31st. Granite Point Mortgage Trust’s payout ratio is presently 87.72%.

Several institutional investors have recently bought and sold shares of the stock. Metropolitan Life Insurance Co NY lifted its position in shares of Granite Point Mortgage Trust by 6.0% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 13,779 shares of the company’s stock worth $181,000 after buying an additional 777 shares during the period. Ausdal Financial Partners Inc. lifted its position in shares of Granite Point Mortgage Trust by 3.0% during the 3rd quarter. Ausdal Financial Partners Inc. now owns 33,950 shares of the company’s stock worth $447,000 after buying an additional 1,000 shares during the period. Catalyst Capital Advisors LLC lifted its position in shares of Granite Point Mortgage Trust by 32.0% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 4,410 shares of the company’s stock worth $58,000 after buying an additional 1,070 shares during the period. Voya Investment Management LLC lifted its position in shares of Granite Point Mortgage Trust by 4.8% during the 3rd quarter. Voya Investment Management LLC now owns 23,803 shares of the company’s stock worth $313,000 after buying an additional 1,099 shares during the period. Finally, California State Teachers Retirement System lifted its position in shares of Granite Point Mortgage Trust by 1.6% during the 4th quarter. California State Teachers Retirement System now owns 75,828 shares of the company’s stock worth $888,000 after buying an additional 1,183 shares during the period. Institutional investors and hedge funds own 60.07% of the company’s stock.

About Granite Point Mortgage Trust (Get Rating)

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.

See Also