Bank of New York Mellon Corp Decreases Stock Position in Granite Point Mortgage Trust Inc. (NYSE:GPMT)

Bank of New York Mellon Corp cut its holdings in Granite Point Mortgage Trust Inc. (NYSE:GPMT) by 8.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 141,655 shares of the company’s stock after selling 13,367 shares during the quarter. Bank of New York Mellon Corp owned about 0.29% of Granite Point Mortgage Trust worth $368,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GPMT. Raymond James Financial Inc. acquired a new position in shares of Granite Point Mortgage Trust in the fourth quarter valued at about $634,000. JPMorgan Chase & Co. increased its holdings in shares of Granite Point Mortgage Trust by 39.2% in the fourth quarter. JPMorgan Chase & Co. now owns 391,394 shares of the company’s stock valued at $1,092,000 after purchasing an additional 110,143 shares during the period. Geode Capital Management LLC increased its holdings in shares of Granite Point Mortgage Trust by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 1,200,175 shares of the company’s stock valued at $3,349,000 after purchasing an additional 22,335 shares during the period. Wells Fargo & Company MN increased its holdings in shares of Granite Point Mortgage Trust by 23.7% in the fourth quarter. Wells Fargo & Company MN now owns 34,395 shares of the company’s stock valued at $96,000 after purchasing an additional 6,599 shares during the period. Finally, Barclays PLC increased its holdings in shares of Granite Point Mortgage Trust by 6.6% in the fourth quarter. Barclays PLC now owns 123,382 shares of the company’s stock valued at $344,000 after purchasing an additional 7,632 shares during the period. 51.63% of the stock is currently owned by hedge funds and other institutional investors.

Granite Point Mortgage Trust Stock Up 3.4%

NYSE:GPMT opened at $2.61 on Tuesday. Granite Point Mortgage Trust Inc. has a 52 week low of $1.61 and a 52 week high of $3.66. The company has a market capitalization of $126.11 million, a P/E ratio of -0.85 and a beta of 1.76. The stock’s fifty day moving average is $2.53 and its two-hundred day moving average is $2.51.

Granite Point Mortgage Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were paid a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 7.7%. Granite Point Mortgage Trust’s payout ratio is presently -6.49%.

Analyst Ratings Changes

Several analysts recently commented on the company. Wall Street Zen raised Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a report on Saturday, June 21st. Keefe, Bruyette & Woods raised their target price on Granite Point Mortgage Trust from $2.25 to $2.75 and gave the stock a “market perform” rating in a report on Thursday, July 10th. Finally, UBS Group reissued a “buy” rating and issued a $3.25 price objective (up from $2.50) on shares of Granite Point Mortgage Trust in a report on Wednesday, May 21st.

Insider Buying and Selling at Granite Point Mortgage Trust

In related news, Director Lazar Nikolic bought 47,832 shares of the stock in a transaction that occurred 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 directly owned 648,594 shares of the company’s stock, valued at $1,621,485. This trade represents a 7.96% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders acquired 55,953 shares of company stock valued at $138,197 over the last ninety days. Insiders own 3.10% 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.