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

State Street Corp lessened its position in shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT) by 1.0% in the third quarter, according to its most recent filing with the SEC. The firm owned 1,083,988 shares of the company’s stock after selling 10,614 shares during the quarter. State Street Corp’s holdings in Granite Point Mortgage Trust were worth $3,436,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

Several equities research analysts recently commented on GPMT shares. Keefe, Bruyette & Woods raised Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $3.00 to $3.25 in a research note on Tuesday, December 10th. UBS Group raised their price objective on shares of Granite Point Mortgage Trust from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Friday, November 15th.

Granite Point Mortgage Trust Price Performance

Shares of Granite Point Mortgage Trust stock opened at $2.78 on Tuesday. The business has a 50-day simple moving average of $3.21 and a 200 day simple moving average of $2.99. Granite Point Mortgage Trust Inc. has a one year low of $2.46 and a one year high of $6.13. The firm has a market capitalization of $138.88 million, a price-to-earnings ratio of -0.72 and a beta of 1.83.

Granite Point Mortgage Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 7.19%. The ex-dividend date is Tuesday, December 31st. Granite Point Mortgage Trust’s payout ratio is -5.18%.

Granite Point Mortgage Trust Company 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.