Zacks Investment Research Downgrades Granite Point Mortgage Trust (NYSE:GPMT) to Strong Sell

Granite Point Mortgage Trust (NYSE:GPMT) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Thursday, February 8th.

According to Zacks, “Granite Point Mortgage Trust Inc. focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point Mortgage Trust Inc. is headquatered in New York, United States. “

Other equities analysts also recently issued reports about the company. Compass Point started coverage on Granite Point Mortgage Trust in a research report on Friday, October 27th. They set a “buy” rating and a $19.50 price objective for the company. Keefe, Bruyette & Woods reissued a “hold” rating and set a $19.50 price objective on shares of Granite Point Mortgage Trust in a research report on Thursday, October 12th. Finally, Bank of America lowered their price objective on Granite Point Mortgage Trust from $19.50 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, November 8th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $19.58.

Granite Point Mortgage Trust (NYSE GPMT) opened at $16.91 on Thursday. Granite Point Mortgage Trust has a 52-week low of $16.15 and a 52-week high of $19.30.

A number of hedge funds have recently bought and sold shares of GPMT. Wells Fargo & Company MN purchased a new stake in Granite Point Mortgage Trust during the second quarter worth approximately $393,000. Balyasny Asset Management LLC purchased a new stake in Granite Point Mortgage Trust during the second quarter worth approximately $2,117,000. Wilbanks Smith & Thomas Asset Management LLC purchased a new stake in Granite Point Mortgage Trust during the second quarter worth approximately $218,000. American Century Companies Inc. purchased a new stake in Granite Point Mortgage Trust during the third quarter worth approximately $4,589,000. Finally, IndexIQ Advisors LLC purchased a new stake in Granite Point Mortgage Trust in the third quarter valued at approximately $220,000. Hedge funds and other institutional investors own 25.92% 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.

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

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