Granite Point Mortgage Trust (NYSE:GPMT – Free Report) had its price objective reduced by UBS Group from $6.50 to $6.00 in a research report report published on Wednesday morning, Benzinga reports. UBS Group currently has a buy rating on the stock.
Other equities research analysts also recently issued research reports about the company. Raymond James lowered their price target on Granite Point Mortgage Trust from $7.00 to $6.50 and set an outperform rating for the company in a report on Friday, February 16th. JMP Securities downgraded Granite Point Mortgage Trust from an outperform rating to a market perform rating in a report on Tuesday, February 20th.
Read Our Latest Analysis on Granite Point Mortgage Trust
Granite Point Mortgage Trust Trading Up 0.9 %
Shares of Granite Point Mortgage Trust stock opened at $4.93 on Wednesday. The stock’s fifty day moving average price is $5.14 and its 200-day moving average price is $5.16. Granite Point Mortgage Trust has a 12 month low of $3.97 and a 12 month high of $6.41. The firm has a market cap of $250.14 million, a P/E ratio of -3.28 and a beta of 1.80.
Granite Point Mortgage Trust Cuts Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Monday, April 1st will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 12.18%. The ex-dividend date of this dividend is Thursday, March 28th. Granite Point Mortgage Trust’s payout ratio is currently -53.33%.
Hedge Funds Weigh In On Granite Point Mortgage Trust
Several large investors have recently modified their holdings of GPMT. Captrust Financial Advisors acquired a new position in Granite Point Mortgage Trust during the 2nd quarter worth about $29,000. Quantbot Technologies LP purchased a new stake in Granite Point Mortgage Trust during the 3rd quarter worth about $32,000. O Dell Group LLC purchased a new stake in Granite Point Mortgage Trust during the 4th quarter worth about $36,000. Gladius Capital Management LP purchased a new stake in Granite Point Mortgage Trust during the 4th quarter worth about $44,000. Finally, Quarry LP purchased a new stake in Granite Point Mortgage Trust during the 2nd quarter worth about $50,000. Institutional investors and hedge funds own 47.42% of the company’s stock.
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.
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