Granite Point Mortgage Trust (NYSE:GPMT) Stock Price Expected to Rise, UBS Group Analyst Says

Granite Point Mortgage Trust (NYSE:GPMT - Free Report) had its price target boosted by UBS Group from $3.50 to $4.00 in a report issued on Friday,Benzinga reports. UBS Group currently has a buy rating on the stock.

Separately, Keefe, Bruyette & Woods raised their price target on shares of Granite Point Mortgage Trust from $2.75 to $3.00 and gave the stock an "underperform" rating in a research report on Tuesday.

Granite Point Mortgage Trust Price Performance

GPMT traded down $0.08 during trading on Friday, reaching $3.27. 471,323 shares of the company's stock were exchanged, compared to its average volume of 431,562. Granite Point Mortgage Trust has a 1 year low of $2.46 and a 1 year high of $6.41. The stock has a market capitalization of $163.12 million, a P/E ratio of -0.85 and a beta of 1.79. The company's fifty day simple moving average is $3.01 and its 200-day simple moving average is $3.04.

Granite Point Mortgage Trust Dividend Announcement

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

Institutional Investors Weigh In On Granite Point Mortgage Trust

A number of institutional investors have recently added to or reduced their stakes in GPMT. BNP Paribas Financial Markets grew its stake in Granite Point Mortgage Trust by 35.6% in the 1st quarter. BNP Paribas Financial Markets now owns 32,360 shares of the company's stock valued at $154,000 after acquiring an additional 8,490 shares during the period. Acadian Asset Management LLC lifted its holdings in Granite Point Mortgage Trust by 2.6% in the 1st quarter. Acadian Asset Management LLC now owns 1,323,871 shares of the company's stock valued at $6,314,000 after purchasing an additional 33,474 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Granite Point Mortgage Trust by 2.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 118,793 shares of the company's stock valued at $567,000 after purchasing an additional 3,336 shares in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in Granite Point Mortgage Trust by 71.4% in the 1st quarter. Public Employees Retirement System of Ohio now owns 56,189 shares of the company's stock valued at $268,000 after purchasing an additional 23,405 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in Granite Point Mortgage Trust by 115.7% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 209,802 shares of the company's stock valued at $1,001,000 after purchasing an additional 112,523 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.