Oak Thistle LLC Invests $78,000 in Granite Point Mortgage Trust Inc. (NYSE:GPMT)

Oak Thistle LLC purchased a new position in shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 26,256 shares of the company’s stock, valued at approximately $78,000.

Other institutional investors have also modified their holdings of the company. Westend Capital Management LLC purchased a new stake in shares of Granite Point Mortgage Trust during the 1st quarter worth approximately $43,000. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Granite Point Mortgage Trust during the 1st quarter worth approximately $55,000. Naviter Wealth LLC purchased a new stake in Granite Point Mortgage Trust in the 1st quarter valued at approximately $69,000. Dorsey & Whitney Trust CO LLC lifted its stake in Granite Point Mortgage Trust by 33.3% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 20,000 shares of the company’s stock valued at $119,000 after buying an additional 5,000 shares in the last quarter. Finally, Sierra Summit Advisors LLC purchased a new stake in Granite Point Mortgage Trust in the 4th quarter valued at approximately $126,000. Hedge funds and other institutional investors own 51.63% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods reduced their target price on Granite Point Mortgage Trust from $3.25 to $2.75 and set an “underperform” rating on the stock in a research note on Monday, August 12th.

Granite Point Mortgage Trust Stock Performance

GPMT stock opened at $2.63 on Wednesday. Granite Point Mortgage Trust Inc. has a 1 year low of $2.46 and a 1 year high of $6.41. The stock’s 50 day moving average price is $2.78 and its 200 day moving average price is $3.54. The firm has a market cap of $133.29 million, a P/E ratio of -1.14 and a beta of 1.78.

Granite Point Mortgage Trust Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Monday, July 1st were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 7.60%. The ex-dividend date was Monday, July 1st. Granite Point Mortgage Trust’s dividend payout ratio is presently -8.66%.

Granite Point Mortgage Trust 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.