Granite Point Mortgage Trust (NYSE:GPMT) Price Target Raised to $4.00

Granite Point Mortgage Trust (NYSE:GPMT) had its price objective raised by UBS Group from $3.50 to $4.00 in a research note issued to investors on Friday,Benzinga reports. They currently have a buy rating on the stock.

Separately, Keefe, Bruyette & Woods boosted their price target on Granite Point Mortgage Trust from $2.75 to $3.00 and gave the stock an “underperform” rating in a research report on Tuesday, November 12th.

Granite Point Mortgage Trust Price Performance

Shares of GPMT opened at $3.26 on Friday. The company has a market cap of $162.86 million, a PE ratio of -0.84 and a beta of 1.79. The firm has a 50-day moving average of $3.01 and a 200-day moving average of $3.02. Granite Point Mortgage Trust has a one year low of $2.46 and a one year high of $6.41.

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 paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 6.13%. The ex-dividend date was Tuesday, October 1st. Granite Point Mortgage Trust’s dividend payout ratio is presently -5.18%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Acadian Asset Management LLC grew its position in shares of Granite Point Mortgage Trust by 2.6% in the first quarter. Acadian Asset Management LLC now owns 1,323,871 shares of the company’s stock valued at $6,314,000 after purchasing an additional 33,474 shares during the last quarter. Epiq Partners LLC grew its holdings in Granite Point Mortgage Trust by 2.3% in the 2nd quarter. Epiq Partners LLC now owns 591,825 shares of the company’s stock valued at $1,758,000 after buying an additional 13,400 shares in the last quarter. Penserra Capital Management LLC increased its position in Granite Point Mortgage Trust by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 318,670 shares of the company’s stock worth $1,010,000 after buying an additional 59,520 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Granite Point Mortgage Trust by 115.7% during the first quarter. Jacobs Levy Equity Management Inc. now owns 209,802 shares of the company’s stock worth $1,001,000 after buying an additional 112,523 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Granite Point Mortgage Trust by 13.4% in the second quarter. Bank of New York Mellon Corp now owns 184,943 shares of the company’s stock valued at $549,000 after acquiring an additional 21,810 shares during the period. Institutional investors and hedge funds own 51.63% of the company’s stock.

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.