Granite Point Mortgage Trust Inc. (NYSE:GPMT) Sees Significant Growth in Short Interest

Granite Point Mortgage Trust Inc. (NYSE:GPMT - Get Free Report) was the recipient of a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 1,130,000 shares, a growth of 9.7% from the September 15th total of 1,030,000 shares. Based on an average daily volume of 392,600 shares, the days-to-cover ratio is presently 2.9 days. Currently, 2.3% of the company's shares are short sold.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods cut their price objective on shares of Granite Point Mortgage Trust from $3.25 to $2.75 and set an "underperform" rating on the stock in a report on Monday, August 12th.

Granite Point Mortgage Trust Stock Performance

GPMT traded down $0.01 during midday trading on Thursday, reaching $3.12. 175,968 shares of the company were exchanged, compared to its average volume of 433,296. The stock has a market capitalization of $159.23 million, a P/E ratio of -1.35 and a beta of 1.79. The stock's 50-day simple moving average is $2.80 and its 200 day simple moving average is $3.23. Granite Point Mortgage Trust has a one year low of $2.46 and a one year high of $6.41.

Granite Point Mortgage Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 6.41%. The ex-dividend date was Tuesday, October 1st. Granite Point Mortgage Trust's dividend payout ratio is currently -8.66%.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Several hedge funds have recently bought and sold shares of the company. Westend Capital Management LLC acquired a new stake in shares of Granite Point Mortgage Trust during the first quarter worth about $43,000. B. Riley Wealth Advisors Inc. acquired a new stake in Granite Point Mortgage Trust during the 1st quarter worth approximately $55,000. Naviter Wealth LLC lifted its stake in Granite Point Mortgage Trust by 53.6% in the second quarter. Naviter Wealth LLC now owns 21,500 shares of the company's stock valued at $64,000 after buying an additional 7,500 shares in the last quarter. Warther Private Wealth LLC acquired a new position in shares of Granite Point Mortgage Trust in the second quarter valued at approximately $65,000. Finally, SG Americas Securities LLC bought a new stake in shares of Granite Point Mortgage Trust during the third quarter worth $66,000. 51.63% of the stock is currently owned by institutional investors and hedge funds.

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.