Granite Point Mortgage Trust (NYSE:GPMT) Upgraded at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of Granite Point Mortgage Trust (NYSE:GPMT) from an underperform rating to a market perform rating in a research report released on Tuesday, Marketbeat.com reports. The brokerage currently has $3.25 price objective on the stock, up from their prior price objective of $3.00.

Separately, UBS Group upped their price target on shares of Granite Point Mortgage Trust from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Friday, November 15th.

Granite Point Mortgage Trust Stock Performance

Shares of GPMT stock opened at $3.43 on Tuesday. Granite Point Mortgage Trust has a 52-week low of $2.46 and a 52-week high of $6.41. The company has a 50-day simple moving average of $3.20 and a two-hundred day simple moving average of $3.00. The company has a market capitalization of $171.11 million, a price-to-earnings ratio of -0.89 and a beta of 1.83.

Granite Point Mortgage Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were given a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $0.20 annualized dividend and a dividend yield of 5.84%. Granite Point Mortgage Trust’s dividend payout ratio is -5.18%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. FMR LLC increased its stake in Granite Point Mortgage Trust by 237.2% during the 3rd quarter. FMR LLC now owns 8,296 shares of the company’s stock valued at $26,000 after purchasing an additional 5,836 shares in the last quarter. Intech Investment Management LLC bought a new stake in Granite Point Mortgage Trust during the 3rd quarter valued at about $46,000. M&T Bank Corp bought a new stake in Granite Point Mortgage Trust during the 3rd quarter valued at about $61,000. Naviter Wealth LLC increased its stake in Granite Point Mortgage Trust by 53.6% during the 2nd quarter. Naviter Wealth LLC now owns 21,500 shares of the company’s stock valued at $64,000 after purchasing an additional 7,500 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in Granite Point Mortgage Trust during the 3rd quarter valued at about $66,000. 51.63% of the stock is owned by hedge funds and other institutional investors.

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.