Raymond James Financial Services Advisors Inc. Reduces Position in Granite Point Mortgage Trust Inc. (NYSE:GPMT)

Raymond James Financial Services Advisors Inc. cut its stake in shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT) by 38.3% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 221,034 shares of the company’s stock after selling 137,399 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Granite Point Mortgage Trust were worth $1,313,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. MetLife Investment Management LLC lifted its position in Granite Point Mortgage Trust by 100.7% during the first quarter. MetLife Investment Management LLC now owns 24,998 shares of the company’s stock valued at $278,000 after purchasing an additional 12,541 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Granite Point Mortgage Trust by 14.1% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 46,371 shares of the company’s stock valued at $516,000 after purchasing an additional 5,717 shares during the period. Vanguard Group Inc. lifted its position in Granite Point Mortgage Trust by 1.4% during the first quarter. Vanguard Group Inc. now owns 4,703,298 shares of the company’s stock valued at $52,301,000 after purchasing an additional 64,535 shares during the period. Penserra Capital Management LLC lifted its position in Granite Point Mortgage Trust by 29.0% during the first quarter. Penserra Capital Management LLC now owns 23,385 shares of the company’s stock valued at $260,000 after purchasing an additional 5,256 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Granite Point Mortgage Trust by 3.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 389,038 shares of the company’s stock valued at $4,327,000 after purchasing an additional 11,708 shares during the period. 51.63% of the stock is owned by hedge funds and other institutional investors.

Granite Point Mortgage Trust Stock Performance

Shares of Granite Point Mortgage Trust stock opened at $4.44 on Friday. The firm has a 50-day simple moving average of $4.77 and a two-hundred day simple moving average of $5.08. The company has a market cap of $225.51 million, a P/E ratio of -2.96 and a beta of 1.80. Granite Point Mortgage Trust Inc. has a fifty-two week low of $3.97 and a fifty-two week high of $6.41.

Granite Point Mortgage Trust Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Monday, April 1st will be given a dividend of $0.15 per share. The ex-dividend date is Thursday, March 28th. This represents a $0.60 annualized dividend and a dividend yield of 13.51%. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is presently -40.00%.

Analysts Set New Price Targets

GPMT has been the subject of a number of research reports. UBS Group decreased their target price on shares of Granite Point Mortgage Trust from $6.50 to $6.00 and set a “buy” rating for the company in a research report on Wednesday, March 20th. Keefe, Bruyette & Woods decreased their price objective on shares of Granite Point Mortgage Trust from $5.00 to $4.75 and set an “underperform” rating for the company in a research report on Wednesday. JMP Securities downgraded shares of Granite Point Mortgage Trust from an “outperform” rating to a “market perform” rating in a research report on Tuesday, February 20th. Finally, Raymond James decreased their price objective on shares of Granite Point Mortgage Trust from $7.00 to $6.50 and set an “outperform” rating for the company in a research report on Friday, February 16th.

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.