Granite Point Mortgage Trust Inc (GPMT) Receives $19.90 Consensus Target Price from Brokerages

Shares of Granite Point Mortgage Trust Inc (NASDAQ:GPMT) have received a consensus recommendation of “Buy” from the six analysts that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $19.90.

Several research firms have recently weighed in on GPMT. Bank of America Corporation started coverage on Granite Point Mortgage Trust in a research report on Tuesday, July 18th. They set a “neutral” rating for the company. JMP Securities started coverage on Granite Point Mortgage Trust in a report on Tuesday, July 18th. They issued an “outperform” rating and a $20.50 price objective for the company. Keefe, Bruyette & Woods started coverage on Granite Point Mortgage Trust in a report on Tuesday, July 18th. They issued a “market perform” rating and a $19.50 price objective for the company. J P Morgan Chase & Co started coverage on Granite Point Mortgage Trust in a report on Tuesday, July 18th. They issued an “overweight” rating and a $20.00 price objective for the company. Finally, Zacks Investment Research downgraded Granite Point Mortgage Trust from a “buy” rating to a “hold” rating in a report on Wednesday, October 11th.

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In other news, major shareholder Two Harbors Investment Corp. acquired 73,439 shares of the firm’s stock in a transaction that occurred on Tuesday, September 19th. The stock was purchased at an average cost of $18.92 per share, for a total transaction of $1,389,465.88. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director William Reid Sanders acquired 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The stock was purchased at an average price of $19.16 per share, with a total value of $191,600.00. Following the completion of the acquisition, the director now directly owns 17,564 shares of the company’s stock, valued at $336,526.24. The disclosure for this purchase can be found here. Insiders purchased 439,845 shares of company stock valued at $8,314,692 over the last 90 days.

Several hedge funds have recently added to or reduced their stakes in GPMT. Kennedy Capital Management Inc. bought a new stake in shares of Granite Point Mortgage Trust in the second quarter valued at about $5,673,000. Bienville Capital Management LLC bought a new position in Granite Point Mortgage Trust in the second quarter worth about $191,000. Wells Fargo & Company MN bought a new position in Granite Point Mortgage Trust in the second quarter worth about $393,000. Balyasny Asset Management LLC bought a new position in Granite Point Mortgage Trust in the second quarter worth about $2,117,000. Finally, Jacobs Asset Management LLC bought a new position in Granite Point Mortgage Trust in the second quarter worth about $13,739,000.

Granite Point Mortgage Trust (GPMT) traded up 0.54% during mid-day trading on Friday, hitting $18.64. 133,695 shares of the stock were exchanged. Granite Point Mortgage Trust has a 52-week low of $18.13 and a 52-week high of $19.30. The stock’s market cap is $805.88 million. The stock has a 50 day moving average of $18.84 and a 200-day moving average of $18.97.

The company also recently disclosed a special dividend, which was paid on Wednesday, October 18th. Investors of record on Friday, September 29th were issued a $0.32 dividend. The ex-dividend date was Thursday, September 28th.

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.

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

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