Geode Capital Management LLC Sells 13,146 Shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT)

Geode Capital Management LLC decreased its holdings in Granite Point Mortgage Trust Inc. (NYSE:GPMT) by 1.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,177,840 shares of the company’s stock after selling 13,146 shares during the quarter. Geode Capital Management LLC owned 2.36% of Granite Point Mortgage Trust worth $3,734,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in GPMT. Wolverine Asset Management LLC bought a new position in shares of Granite Point Mortgage Trust during the 3rd quarter worth approximately $506,000. Barclays PLC grew its position in Granite Point Mortgage Trust by 64.4% during the third quarter. Barclays PLC now owns 115,750 shares of the company’s stock valued at $367,000 after buying an additional 45,323 shares during the period. GSA Capital Partners LLP increased its holdings in Granite Point Mortgage Trust by 25.7% during the third quarter. GSA Capital Partners LLP now owns 54,223 shares of the company’s stock worth $172,000 after buying an additional 11,101 shares during the last quarter. Oak Thistle LLC bought a new stake in Granite Point Mortgage Trust in the second quarter worth about $78,000. Finally, FMR LLC raised its holdings in shares of Granite Point Mortgage Trust by 237.2% in 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 during the period. Institutional investors and hedge funds own 51.63% of the company’s stock.

Granite Point Mortgage Trust Price Performance

Shares of NYSE:GPMT opened at $2.83 on Tuesday. The firm has a fifty day moving average price of $3.19 and a two-hundred day moving average price of $2.98. The company has a market cap of $141.38 million, a price-to-earnings ratio of -0.73 and a beta of 1.86. Granite Point Mortgage Trust Inc. has a one year low of $2.46 and a one year high of $6.13.

Granite Point Mortgage Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 7.07%. The ex-dividend date of this dividend is Tuesday, December 31st. Granite Point Mortgage Trust’s payout ratio is -5.18%.

Wall Street Analysts Forecast Growth

GPMT has been the subject of several research reports. UBS Group increased their price objective on Granite Point Mortgage Trust from $3.50 to $4.00 and gave the company a “buy” rating in a report on Friday, November 15th. Keefe, Bruyette & Woods upgraded shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $3.00 to $3.25 in a research report 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.