Granite Point Mortgage Trust (NYSE:GPMT) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research cut shares of Granite Point Mortgage Trust (NYSE:GPMTGet Rating) from a hold rating to a sell rating in a report published on Monday, 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. “

Other research analysts also recently issued research reports about the company. Credit Suisse Group cut their price target on Granite Point Mortgage Trust from $15.00 to $14.00 and set an outperform rating on the stock in a research note on Tuesday, March 1st. JMP Securities reissued a buy rating and issued a $15.00 price target on shares of Granite Point Mortgage Trust in a research note on Monday, March 28th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $14.00.

Shares of GPMT stock traded up $0.07 during trading hours on Monday, reaching $10.09. The company had a trading volume of 381,738 shares, compared to its average volume of 330,501. The firm’s 50 day simple moving average is $10.90. The firm has a market capitalization of $543.41 million, a price-to-earnings ratio of 8.85 and a beta of 1.38. Granite Point Mortgage Trust has a 1-year low of $9.85 and a 1-year high of $15.92.

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 dividend on an annualized basis and a dividend yield of 9.91%. The ex-dividend date was Thursday, March 31st. Granite Point Mortgage Trust’s dividend payout ratio is presently 87.72%.

Several large investors have recently modified their holdings of the company. Beach Point Capital Management LP acquired a new stake in shares of Granite Point Mortgage Trust in the fourth quarter valued at approximately $4,942,000. Balyasny Asset Management LLC acquired a new stake in shares of Granite Point Mortgage Trust in the third quarter valued at approximately $2,145,000. Arete Wealth Advisors LLC acquired a new stake in shares of Granite Point Mortgage Trust in the fourth quarter valued at approximately $1,833,000. Goldman Sachs Group Inc. raised its position in shares of Granite Point Mortgage Trust by 75.8% in the third quarter. Goldman Sachs Group Inc. now owns 275,317 shares of the company’s stock valued at $3,626,000 after buying an additional 118,701 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Granite Point Mortgage Trust by 17.8% in the fourth quarter. Invesco Ltd. now owns 759,831 shares of the company’s stock valued at $8,898,000 after buying an additional 114,882 shares in the last quarter. Institutional investors own 60.07% of the company’s stock.

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.

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