Intech Investment Management LLC Buys 7,952 Shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT)

Intech Investment Management LLC lifted its position in Granite Point Mortgage Trust Inc. (NYSE:GPMT) by 54.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 22,432 shares of the company’s stock after purchasing an additional 7,952 shares during the quarter. Intech Investment Management LLC’s holdings in Granite Point Mortgage Trust were worth $63,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Corient Private Wealth LLC grew its stake in Granite Point Mortgage Trust by 10.5% during the fourth quarter. Corient Private Wealth LLC now owns 47,666 shares of the company’s stock worth $133,000 after buying an additional 4,511 shares during the last quarter. FMR LLC grew its position in Granite Point Mortgage Trust by 237.2% during the 3rd quarter. FMR LLC now owns 8,296 shares of the company’s stock worth $26,000 after acquiring an additional 5,836 shares during the last quarter. SG Americas Securities LLC grew its position in Granite Point Mortgage Trust by 33.1% during the 4th quarter. SG Americas Securities LLC now owns 27,647 shares of the company’s stock worth $77,000 after acquiring an additional 6,878 shares during the last quarter. M&T Bank Corp acquired a new stake in Granite Point Mortgage Trust during the 3rd quarter valued at $61,000. Finally, Jane Street Group LLC raised its position in Granite Point Mortgage Trust by 28.3% in the 3rd quarter. Jane Street Group LLC now owns 110,362 shares of the company’s stock valued at $350,000 after purchasing an additional 24,313 shares during the last quarter. Institutional investors and hedge funds own 51.63% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on GPMT. JMP Securities restated a “market perform” rating on shares of Granite Point Mortgage Trust in a report on Tuesday, February 18th. Keefe, Bruyette & Woods raised shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and increased their price objective for the stock from $3.00 to $3.25 in a report on Tuesday, December 10th. Finally, UBS Group dropped their target price on shares of Granite Point Mortgage Trust from $3.75 to $3.50 and set a “buy” rating for the company in a research note on Tuesday, February 25th.

Insider Activity at Granite Point Mortgage Trust

In related news, Director Patrick Gregory Halter acquired 34,001 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was acquired at an average cost of $2.80 per share, with a total value of $95,202.80. Following the completion of the purchase, the director now directly owns 34,001 shares in the company, valued at approximately $95,202.80. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have acquired 34,770 shares of company stock worth $108,849 over the last ninety days. Company insiders own 2.30% of the company’s stock.

Granite Point Mortgage Trust Stock Performance

Shares of GPMT opened at $2.63 on Friday. The business’s fifty day moving average price is $2.87 and its two-hundred day moving average price is $3.00. The firm has a market capitalization of $128.58 million, a price-to-earnings ratio of -0.60 and a beta of 1.89. Granite Point Mortgage Trust Inc. has a 52 week low of $2.46 and a 52 week high of $4.74.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($1.99) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.73) by ($1.26). The firm had revenue of $7.57 million during the quarter, compared to the consensus estimate of $7.90 million. Granite Point Mortgage Trust had a negative net margin of 111.59% and a negative return on equity of 14.08%. As a group, research analysts forecast that Granite Point Mortgage Trust Inc. will post -2.75 EPS for the current year.

Granite Point Mortgage Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be 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 of this dividend is Tuesday, April 1st. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is -4.56%.

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.