Geode Capital Management LLC Lowers Stock Holdings in Granite Point Mortgage Trust Inc. (NYSE:GPMT)

Geode Capital Management LLC reduced its position in Granite Point Mortgage Trust Inc. (NYSE:GPMT) by 1.1% in the third quarter, Holdings Channel.com reports. The firm owned 1,177,840 shares of the company’s stock after selling 13,146 shares during the quarter. Geode Capital Management LLC’s holdings in Granite Point Mortgage Trust were worth $3,734,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its position in Granite Point Mortgage Trust by 13.4% during the second quarter. Bank of New York Mellon Corp now owns 184,943 shares of the company’s stock valued at $549,000 after buying an additional 21,810 shares during the period. Oak Thistle LLC purchased a new stake in Granite Point Mortgage Trust during the 2nd quarter valued at about $78,000. Hsbc Holdings PLC grew its position in Granite Point Mortgage Trust by 8.7% during the 2nd quarter. Hsbc Holdings PLC now owns 59,938 shares of the company’s stock worth $170,000 after acquiring an additional 4,805 shares during the last quarter. Sei Investments Co. increased its stake in Granite Point Mortgage Trust by 29.8% in the 2nd quarter. Sei Investments Co. now owns 52,725 shares of the company’s stock worth $157,000 after purchasing an additional 12,100 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in Granite Point Mortgage Trust by 25.5% in the second quarter. The Manufacturers Life Insurance Company now owns 23,684 shares of the company’s stock valued at $70,000 after purchasing an additional 4,807 shares during the last quarter. 51.63% of the stock is currently owned by institutional investors.

Granite Point Mortgage Trust Trading Down 0.7 %

Shares of GPMT opened at $2.83 on Tuesday. Granite Point Mortgage Trust Inc. has a 1-year low of $2.46 and a 1-year high of $6.13. The firm has a market capitalization of $141.38 million, a price-to-earnings ratio of -0.73 and a beta of 1.86. The firm’s 50-day moving average price is $3.19 and its 200-day moving average price is $2.98.

Granite Point Mortgage Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.05 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 7.07%. Granite Point Mortgage Trust’s dividend payout ratio is currently -5.18%.

Wall Street Analyst Weigh In

GPMT has been the topic of several recent analyst reports. Keefe, Bruyette & Woods upgraded shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $3.00 to $3.25 in a report on Tuesday, December 10th. UBS Group boosted their price objective on shares of Granite Point Mortgage Trust from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Friday, November 15th.

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.