Granite Point Mortgage Trust (NYSE:GPMT) Stock Price Expected to Rise, UBS Group Analyst Says

Granite Point Mortgage Trust (NYSE:GPMT) had its target price increased by analysts at UBS Group from $3.50 to $4.00 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s price target indicates a potential upside of 22.70% from the stock’s current price.

Separately, Keefe, Bruyette & Woods lifted their price objective on Granite Point Mortgage Trust from $2.75 to $3.00 and gave the company an “underperform” rating in a research report on Tuesday, November 12th.

Granite Point Mortgage Trust Price Performance

NYSE:GPMT opened at $3.26 on Friday. The stock has a market cap of $162.87 million, a PE ratio of -0.84 and a beta of 1.79. Granite Point Mortgage Trust has a fifty-two week low of $2.46 and a fifty-two week high of $6.41. The stock’s 50-day moving average is $3.01 and its two-hundred day moving average is $3.03.

Institutional Trading of Granite Point Mortgage Trust

A number of institutional investors and hedge funds have recently made changes to their positions in GPMT. FMR LLC lifted its stake in shares of Granite Point Mortgage Trust by 237.2% in the third quarter. FMR LLC now owns 8,296 shares of the company’s stock worth $26,000 after buying an additional 5,836 shares during the last quarter. Intech Investment Management LLC acquired a new position in Granite Point Mortgage Trust in the 3rd quarter valued at $46,000. B. Riley Wealth Advisors Inc. bought a new position in Granite Point Mortgage Trust in the 1st quarter worth $55,000. M&T Bank Corp acquired a new position in Granite Point Mortgage Trust during the 3rd quarter worth $61,000. Finally, Naviter Wealth LLC boosted its holdings in Granite Point Mortgage Trust by 53.6% during the second quarter. Naviter Wealth LLC now owns 21,500 shares of the company’s stock valued at $64,000 after acquiring an additional 7,500 shares during the period. 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.