Granite Point Mortgage Trust (GPMT) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Granite Point Mortgage Trust (NYSE:GPMT) from a sell rating to a hold rating in a report released on Tuesday, January 9th.

According to Zacks, “Granite Point Mortgage Trust Inc. focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point Mortgage Trust Inc. is headquatered in New York, United States. “

GPMT has been the subject of several other research reports. Compass Point assumed coverage on shares of Granite Point Mortgage Trust in a research note on Friday, October 27th. They issued a buy rating and a $19.50 price objective for the company. Keefe, Bruyette & Woods reiterated a hold rating and issued a $19.50 price objective on shares of Granite Point Mortgage Trust in a research note on Thursday, October 12th. Finally, Bank of America decreased their price objective on shares of Granite Point Mortgage Trust from $19.50 to $18.00 and set a neutral rating for the company in a research note on Wednesday, November 8th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Granite Point Mortgage Trust currently has an average rating of Buy and a consensus target price of $19.58.

Granite Point Mortgage Trust (GPMT) traded up $0.03 on Tuesday, hitting $17.50. 652,164 shares of the company were exchanged, compared to its average volume of 469,448. Granite Point Mortgage Trust has a 12 month low of $17.02 and a 12 month high of $19.30. The firm has a market cap of $756.61 and a price-to-earnings ratio of 14.83.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its earnings results on Monday, November 6th. The company reported $0.28 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.06). equities research analysts expect that Granite Point Mortgage Trust will post 0.63 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, January 18th. Stockholders of record on Friday, December 29th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.69%. The ex-dividend date was Thursday, December 28th. Granite Point Mortgage Trust’s dividend payout ratio is currently 59.32%.

In other Granite Point Mortgage Trust news, Director Brian Taylor acquired 5,600 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The stock was bought at an average cost of $17.87 per share, with a total value of $100,072.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William Reid Sanders acquired 31,000 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was acquired at an average cost of $17.58 per share, with a total value of $544,980.00. The disclosure for this purchase can be found here. Insiders have bought a total of 55,232 shares of company stock valued at $972,256 over the last three months.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. bought a new position in Granite Point Mortgage Trust in the 2nd quarter valued at $45,408,000. Jacobs Asset Management LLC bought a new position in Granite Point Mortgage Trust in the 2nd quarter valued at $13,739,000. Kennedy Capital Management Inc. bought a new position in Granite Point Mortgage Trust in the 2nd quarter valued at $5,673,000. Empyrean Capital Partners LP bought a new position in Granite Point Mortgage Trust in the 2nd quarter valued at $5,470,000. Finally, American Century Companies Inc. bought a new position in Granite Point Mortgage Trust in the 3rd quarter valued at $4,589,000. 13.47% of the stock is owned by institutional investors.

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Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc is focused primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt, such as commercial real estate investments. The Company formed to continue and expand the commercial real estate lending business. The Company is a long-term, fundamental value-oriented investor.

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Analyst Recommendations for Granite Point Mortgage Trust (NYSE:GPMT)

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