Granite Point Mortgage Trust’s (GPMT) “Market Perform” Rating Reiterated at JMP Securities

JMP Securities reiterated their market perform rating on shares of Granite Point Mortgage Trust (NYSE:GPMT) in a report released on Friday,Benzinga reports.

Other research analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods upgraded shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and upped their target price for the stock from $3.00 to $3.25 in a research note on Tuesday, December 10th. UBS Group upped their price objective on 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.

Granite Point Mortgage Trust Price Performance

Shares of NYSE:GPMT opened at $2.69 on Friday. The company has a market capitalization of $134.39 million, a PE ratio of -0.70 and a beta of 1.86. The business has a fifty day moving average price of $3.17 and a 200-day moving average price of $2.98. Granite Point Mortgage Trust has a 1-year low of $2.46 and a 1-year high of $6.13.

Granite Point Mortgage Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.05 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.20 annualized dividend and a dividend yield of 7.43%. Granite Point Mortgage Trust’s payout ratio is -5.18%.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. grew its position in Granite Point Mortgage Trust by 121.4% during the third quarter. JPMorgan Chase & Co. now owns 281,251 shares of the company’s stock valued at $892,000 after buying an additional 154,202 shares during the period. Barclays PLC grew its position in shares of Granite Point Mortgage Trust by 64.4% during the 3rd quarter. Barclays PLC now owns 115,750 shares of the company’s stock valued at $367,000 after acquiring an additional 45,323 shares during the period. M&T Bank Corp purchased a new stake in shares of Granite Point Mortgage Trust in the 3rd quarter worth $61,000. Jane Street Group LLC raised its holdings in Granite Point Mortgage Trust by 28.3% in the 3rd quarter. Jane Street Group LLC now owns 110,362 shares of the company’s stock worth $350,000 after purchasing an additional 24,313 shares during the period. Finally, FMR LLC lifted its position in Granite Point Mortgage Trust by 237.2% during the third quarter. FMR LLC now owns 8,296 shares of the company’s stock valued at $26,000 after purchasing an additional 5,836 shares in the last quarter. 51.63% of the stock is currently owned by hedge funds and other institutional investors.

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.