Granite Point Mortgage Trust (GPMT) Upgraded by Keefe, Bruyette & Woods to “Outperform”

Keefe, Bruyette & Woods upgraded shares of Granite Point Mortgage Trust (NYSE:GPMT) from a market perform rating to an outperform rating in a research report report published on Thursday morning.

Several other research firms have also commented on GPMT. Zacks Investment Research lowered Granite Point Mortgage Trust from a buy rating to a hold rating in a research note on Wednesday, October 11th. Compass Point assumed coverage on Granite Point Mortgage Trust in a research note on Friday, October 27th. They issued a buy rating and a $19.50 target price for the company. Finally, Bank of America dropped their target price on Granite Point Mortgage Trust from $19.50 to $18.00 and set a neutral rating for the company in a research note on Wednesday, November 8th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $19.58.

Granite Point Mortgage Trust (NYSE GPMT) traded up $0.23 during trading on Thursday, reaching $17.87. The company had a trading volume of 714,300 shares, compared to its average volume of 396,571. Granite Point Mortgage Trust has a 52-week low of $17.02 and a 52-week high of $19.30.

In other news, CFO Marcin Urbaszek purchased 3,000 shares of the company’s stock in a transaction on Thursday, November 9th. The stock was bought at an average cost of $17.37 per share, for a total transaction of $52,110.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brian Taylor purchased 5,600 shares of the company’s stock in a transaction on Thursday, November 16th. The shares were purchased at an average price of $17.87 per share, with a total value of $100,072.00. The disclosure for this purchase can be found here. Insiders have acquired 361,471 shares of company stock valued at $6,736,841 over the last 90 days.

Large investors have recently made changes to their positions in the business. Bienville Capital Management LLC acquired a new stake in Granite Point Mortgage Trust during the second quarter worth about $191,000. Wilbanks Smith & Thomas Asset Management LLC acquired a new stake in Granite Point Mortgage Trust during the second quarter worth about $218,000. IndexIQ Advisors LLC acquired a new stake in Granite Point Mortgage Trust during the third quarter worth about $220,000. Sei Investments Co. acquired a new stake in shares of Granite Point Mortgage Trust in the third quarter valued at about $225,000. Finally, California State Teachers Retirement System acquired a new stake in shares of Granite Point Mortgage Trust in the third quarter valued at about $307,000. Institutional investors own 13.47% of the company’s stock.

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About Granite Point Mortgage Trust

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 (NYSE:GPMT)

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