Zacks Investment Research Upgrades Granite Point Mortgage Trust (NYSE:GPMT) to “Hold”

Zacks Investment Research upgraded shares of Granite Point Mortgage Trust (NYSE:GPMTGet Rating) from a sell rating to a hold rating in a research note published on Tuesday, Zacks.com reports.

According to Zacks, “Granite Point Mortgage Trust Inc. focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point Mortgage Trust Inc. is headquatered in New York, United States. “

Several other research firms have also issued reports on GPMT. JMP Securities restated a buy rating and set a $15.00 price target on shares of Granite Point Mortgage Trust in a report on Monday, March 28th. Credit Suisse Group lowered their price target on shares of Granite Point Mortgage Trust from $15.00 to $14.00 and set an outperform rating for the company in a report on Tuesday, March 1st. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Granite Point Mortgage Trust currently has an average rating of Buy and a consensus price target of $14.00.

Shares of NYSE GPMT opened at $10.04 on Tuesday. The firm has a 50 day simple moving average of $11.04. The company has a market cap of $540.71 million, a price-to-earnings ratio of 8.81 and a beta of 1.38. Granite Point Mortgage Trust has a 1 year low of $9.95 and a 1 year high of $15.92.

The company also recently declared a quarterly dividend, which was paid on Friday, April 15th. Shareholders of record on Friday, April 1st were issued a dividend of $0.25 per share. The ex-dividend date was Thursday, March 31st. This represents a $1.00 annualized dividend and a yield of 9.96%. Granite Point Mortgage Trust’s payout ratio is 87.72%.

Several hedge funds have recently made changes to their positions in the company. State Street Corp grew its position in shares of Granite Point Mortgage Trust by 2.1% during the 4th quarter. State Street Corp now owns 2,081,906 shares of the company’s stock worth $24,898,000 after buying an additional 42,889 shares during the period. Invesco Ltd. grew its position in Granite Point Mortgage Trust by 17.8% in the 4th quarter. Invesco Ltd. now owns 759,831 shares of the company’s stock valued at $8,898,000 after purchasing an additional 114,882 shares during the period. Barclays PLC grew its position in Granite Point Mortgage Trust by 7.0% in the 4th quarter. Barclays PLC now owns 703,489 shares of the company’s stock valued at $8,238,000 after purchasing an additional 45,846 shares during the period. Beach Point Capital Management LP acquired a new stake in Granite Point Mortgage Trust in the 4th quarter valued at $4,942,000. Finally, Goldman Sachs Group Inc. grew its position in Granite Point Mortgage Trust by 75.8% in the 3rd quarter. Goldman Sachs Group Inc. now owns 275,317 shares of the company’s stock valued at $3,626,000 after purchasing an additional 118,701 shares during the period. 60.07% of the stock is owned by institutional investors.

Granite Point Mortgage Trust Company Profile (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.

Further Reading

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