Granite Point Mortgage Trust (NYSE:GPMT) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Granite Point Mortgage Trust (NYSE:GPMT – Get Rating) from a sell rating to a hold rating in a research report released 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. “

Several other equities research analysts also recently weighed in on GPMT. Credit Suisse Group reduced their target price on shares of 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 target price on shares of Granite Point Mortgage Trust in a research note on Monday, March 28th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Buy and an average target price of $14.50.

GPMT stock opened at $9.71 on Monday. Granite Point Mortgage Trust has a 52 week low of $9.52 and a 52 week high of $15.92. The company’s fifty day simple moving average is $10.72. The company has a market capitalization of $522.94 million, a price-to-earnings ratio of 8.52 and a beta of 1.38.

The business also recently declared a quarterly dividend, which was paid on Friday, April 15th. Investors of record on Friday, April 1st were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 10.30%. The ex-dividend date was Thursday, March 31st. Granite Point Mortgage Trust’s dividend payout ratio is presently 87.72%.

Hedge funds have recently bought and sold shares of the stock. LSV Asset Management increased its stake in Granite Point Mortgage Trust by 159.8% in the 4th quarter. LSV Asset Management now owns 103,243 shares of the company’s stock worth $1,209,000 after buying an additional 63,500 shares during the period. Invesco Ltd. increased its stake in Granite Point Mortgage Trust by 11.6% in the 3rd quarter. Invesco Ltd. now owns 644,949 shares of the company’s stock worth $8,494,000 after buying an additional 67,006 shares during the period. Camelot Portfolios LLC increased its stake in Granite Point Mortgage Trust by 7.6% in the 4th quarter. Camelot Portfolios LLC now owns 192,713 shares of the company’s stock worth $2,257,000 after buying an additional 13,668 shares during the period. Balyasny Asset Management LLC purchased a new position in Granite Point Mortgage Trust in the 3rd quarter worth about $2,145,000. Finally, Meeder Asset Management Inc. increased its stake in Granite Point Mortgage Trust by 127.0% in the 3rd quarter. Meeder Asset Management Inc. now owns 6,553 shares of the company’s stock worth $87,000 after buying an additional 3,666 shares during the period. 61.63% of the stock is currently owned by institutional investors.

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.

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