Granite Point Mortgage Trust Inc (GPMT) Receives $19.50 Consensus PT from Analysts

Granite Point Mortgage Trust Inc (NYSE:GPMT) has been given an average recommendation of “Buy” by the six research firms that are presently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $19.50.

Several analysts have commented on the company. Zacks Investment Research upgraded Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a report on Tuesday. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $19.50 price objective on shares of Granite Point Mortgage Trust in a research note on Thursday, October 12th. Compass Point initiated coverage on Granite Point Mortgage Trust in a research note on Friday, October 27th. They issued a “buy” rating and a $19.50 price objective on the stock. Finally, Bank of America reduced their price objective on Granite Point Mortgage Trust from $19.50 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 8th.

Granite Point Mortgage Trust (NYSE:GPMT) traded down $0.03 on Wednesday, reaching $17.52. The company’s stock had a trading volume of 272,979 shares, compared to its average volume of 472,354. The stock has a market cap of $757.48 and a PE ratio of 19.25. Granite Point Mortgage Trust has a 52 week low of $17.02 and a 52 week high of $19.30.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 18th. Stockholders of record on Friday, December 29th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 8.68%. The ex-dividend date is Thursday, December 28th. Granite Point Mortgage Trust’s dividend payout ratio is currently 76.92%.

In related news, major shareholder Two Harbors Investment Corp. purchased 50,000 shares of Granite Point Mortgage Trust stock in a transaction that occurred on Friday, October 20th. The shares were purchased at an average cost of $18.56 per share, with a total value of $928,000.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Steven Plust purchased 2,750 shares of Granite Point Mortgage Trust stock in a transaction that occurred on Monday, November 13th. The shares were bought at an average cost of $17.63 per share, for a total transaction of $48,482.50. The disclosure for this purchase can be found here. Insiders bought a total of 139,570 shares of company stock worth $2,547,527 over the last ninety days.

A number of institutional investors have recently added to or reduced their stakes in GPMT. Goldman Sachs Group Inc. acquired a new position in Granite Point Mortgage Trust during the 2nd quarter worth approximately $45,408,000. Jacobs Asset Management LLC acquired a new position in Granite Point Mortgage Trust during the 2nd quarter worth approximately $13,739,000. Kennedy Capital Management Inc. acquired a new position in Granite Point Mortgage Trust during the 2nd quarter worth approximately $5,673,000. Empyrean Capital Partners LP acquired a new position in Granite Point Mortgage Trust during the 2nd quarter worth approximately $5,470,000. Finally, American Century Companies Inc. acquired a new position in Granite Point Mortgage Trust during the 3rd quarter worth approximately $4,589,000. 13.47% of the stock is currently owned by hedge funds and other institutional investors.

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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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