State Street Corp Has $3.44 Million Stake in Granite Point Mortgage Trust Inc. (NYSE:GPMT)

State Street Corp lowered its holdings in Granite Point Mortgage Trust Inc. (NYSE:GPMT) by 1.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,083,988 shares of the company’s stock after selling 10,614 shares during the period. State Street Corp owned approximately 2.17% of Granite Point Mortgage Trust worth $3,436,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. FMR LLC grew its holdings in shares of Granite Point Mortgage Trust by 237.2% during the 3rd quarter. FMR LLC now owns 8,296 shares of the company’s stock worth $26,000 after purchasing an additional 5,836 shares in the last quarter. Intech Investment Management LLC acquired a new stake in Granite Point Mortgage Trust during the third quarter worth about $46,000. Naviter Wealth LLC increased its holdings in Granite Point Mortgage Trust by 53.6% in the 2nd quarter. Naviter Wealth LLC now owns 21,500 shares of the company’s stock valued at $64,000 after buying an additional 7,500 shares during the period. SG Americas Securities LLC acquired a new position in shares of Granite Point Mortgage Trust in the 3rd quarter valued at approximately $66,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Granite Point Mortgage Trust by 25.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,684 shares of the company’s stock worth $70,000 after acquiring an additional 4,807 shares during the period. Institutional investors and hedge funds own 51.63% of the company’s stock.

Granite Point Mortgage Trust Price Performance

Granite Point Mortgage Trust stock opened at $2.78 on Tuesday. The business has a 50 day moving average of $3.21 and a 200-day moving average of $2.99. The company has a market capitalization of $138.88 million, a P/E ratio of -0.72 and a beta of 1.83. Granite Point Mortgage Trust Inc. has a 1 year low of $2.46 and a 1 year high of $6.13.

Granite Point Mortgage Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 7.19%. The ex-dividend date is Tuesday, December 31st. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is currently -5.18%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GPMT. UBS Group lifted their target price on Granite Point Mortgage Trust from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Keefe, Bruyette & Woods raised shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and increased their price objective for the company from $3.00 to $3.25 in a research note on Tuesday, December 10th.

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.