Granite Point Mortgage Trust (NYSE:GPMT) Given “Buy” Rating at UBS Group

Granite Point Mortgage Trust (NYSE:GPMT)‘s stock had its “buy” rating reaffirmed by research analysts at UBS Group in a research report issued to clients and investors on Wednesday, MarketBeat reports. They currently have a $3.25 target price on the stock, up from their previous target price of $2.50. UBS Group’s target price indicates a potential upside of 37.19% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods dropped their price target on shares of Granite Point Mortgage Trust from $2.50 to $2.25 and set a “market perform” rating on the stock in a research report on Wednesday, April 30th. JMP Securities restated a “market perform” rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, February 18th.

Granite Point Mortgage Trust Stock Performance

GPMT stock opened at $2.37 on Wednesday. The company has a fifty day moving average price of $2.19 and a 200-day moving average price of $2.74. The company has a market capitalization of $114.67 million, a P/E ratio of -0.54 and a beta of 1.66. Granite Point Mortgage Trust has a 52-week low of $1.61 and a 52-week high of $3.66.

Insiders Place Their Bets

In other news, Director Patrick Gregory Halter acquired 34,001 shares of Granite Point Mortgage Trust stock in a transaction on Tuesday, February 25th. The stock was purchased at an average price of $2.80 per share, with a total value of $95,202.80. Following the completion of the purchase, the director now owns 34,001 shares of the company’s stock, valued at approximately $95,202.80. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lazar Nikolic acquired 47,832 shares of Granite Point Mortgage Trust stock in a transaction on Wednesday, May 21st. The stock was purchased at an average cost of $2.50 per share, with a total value of $119,580.00. Following the purchase, the director now directly owns 648,594 shares of the company’s stock, valued at approximately $1,621,485. This trade represents a 7.96% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 90,723 shares of company stock worth $247,047. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Granite Point Mortgage Trust

A number of hedge funds have recently added to or reduced their stakes in the company. Cura Wealth Advisors LLC grew its stake in Granite Point Mortgage Trust by 16.8% in the first quarter. Cura Wealth Advisors LLC now owns 1,465,929 shares of the company’s stock valued at $3,811,000 after acquiring an additional 210,408 shares during the period. Epiq Partners LLC grew its holdings in shares of Granite Point Mortgage Trust by 128.1% during the first quarter. Epiq Partners LLC now owns 1,241,150 shares of the company’s stock valued at $3,227,000 after buying an additional 696,925 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Granite Point Mortgage Trust by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 1,200,175 shares of the company’s stock valued at $3,349,000 after buying an additional 22,335 shares during the last quarter. Gratia Capital LLC acquired a new position in shares of Granite Point Mortgage Trust during the fourth quarter valued at about $1,953,000. Finally, Acadian Asset Management LLC grew its holdings in shares of Granite Point Mortgage Trust by 9.4% during the first quarter. Acadian Asset Management LLC now owns 602,372 shares of the company’s stock valued at $1,565,000 after buying an additional 51,780 shares during the last quarter. Institutional investors and hedge funds own 51.63% of the company’s stock.

About Granite Point Mortgage Trust

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.