Short Interest in Granite Point Mortgage Trust Inc. (NYSE:GPMT) Drops By 11.3%

Granite Point Mortgage Trust Inc. (NYSE:GPMT - Get Free Report) saw a large decrease in short interest in October. As of October 31st, there was short interest totalling 1,250,000 shares, a decrease of 11.3% from the October 15th total of 1,410,000 shares. Approximately 2.6% of the shares of the stock are short sold. Based on an average trading volume of 365,500 shares, the short-interest ratio is presently 3.4 days.

Granite Point Mortgage Trust Stock Performance

Shares of Granite Point Mortgage Trust stock traded down $0.09 during trading hours on Friday, reaching $3.26. 471,325 shares of the company were exchanged, compared to its average volume of 412,203. The stock's fifty day moving average is $3.01 and its 200 day moving average is $3.02. Granite Point Mortgage Trust has a 1 year low of $2.46 and a 1 year high of $6.41. The firm has a market cap of $162.86 million, a PE ratio of -0.84 and a beta of 1.79.

Granite Point Mortgage Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were issued a $0.05 dividend. The ex-dividend date was Tuesday, October 1st. This represents a $0.20 annualized dividend and a yield of 6.13%. Granite Point Mortgage Trust's dividend payout ratio (DPR) is -5.18%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on GPMT shares. Keefe, Bruyette & Woods increased their price target on Granite Point Mortgage Trust from $2.75 to $3.00 and gave the company an "underperform" rating in a report on Tuesday, November 12th. UBS Group boosted their price target on shares of Granite Point Mortgage Trust from $3.50 to $4.00 and gave the company a "buy" rating in a research note on Friday.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC boosted its position in shares of Granite Point Mortgage Trust by 237.2% in the 3rd quarter. FMR LLC now owns 8,296 shares of the company's stock valued at $26,000 after purchasing an additional 5,836 shares during the period. Intech Investment Management LLC purchased a new stake in Granite Point Mortgage Trust during the third quarter worth about $46,000. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Granite Point Mortgage Trust in the 1st quarter worth approximately $55,000. M&T Bank Corp purchased a new position in shares of Granite Point Mortgage Trust in the third quarter valued at $61,000. Finally, Naviter Wealth LLC increased its holdings in Granite Point Mortgage Trust by 53.6% during the 2nd quarter. Naviter Wealth LLC now owns 21,500 shares of the company's stock valued at $64,000 after acquiring an additional 7,500 shares in the last quarter. Institutional investors and hedge funds own 51.63% of the company's stock.

Granite Point Mortgage Trust Company Profile

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.