Zacks Investment Research downgraded shares of Granite Point Mortgage Trust Inc (NASDAQ:GPMT) from a buy rating to a hold rating in a research report report published on Wednesday.

According to Zacks, “Granite Point Mortgage Trust Inc. focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point Mortgage Trust Inc. is headquatered in New York, United States. “

A number of other analysts also recently issued reports on GPMT. J P Morgan Chase & Co began coverage on shares of Granite Point Mortgage Trust in a research report on Tuesday, July 18th. They set an overweight rating and a $20.00 target price for the company. JMP Securities began coverage on shares of Granite Point Mortgage Trust in a research report on Tuesday, July 18th. They set an outperform rating and a $20.50 target price for the company. Keefe, Bruyette & Woods began coverage on shares of Granite Point Mortgage Trust in a research report on Tuesday, July 18th. They set a market perform rating and a $19.50 target price for the company. Finally, Bank of America Corporation began coverage on shares of Granite Point Mortgage Trust in a research report on Tuesday, July 18th. They set a neutral rating for the company. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $20.25.

Shares of Granite Point Mortgage Trust (NASDAQ:GPMT) remained flat at $18.97 on Wednesday. The stock had a trading volume of 36,764 shares. The firm has a 50 day moving average of $19.03 and a 200-day moving average of $19.04. The firm’s market cap is $820.17 million. Granite Point Mortgage Trust has a 52 week low of $18.13 and a 52 week high of $19.30.

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The firm also recently announced a special dividend, which will be paid on Wednesday, October 18th. Investors of record on Friday, September 29th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Thursday, September 28th.

In related news, Director William Reid Sanders purchased 10,000 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was purchased at an average price of $19.16 per share, for a total transaction of $191,600.00. Following the acquisition, the director now directly owns 17,564 shares in the company, valued at $336,526.24. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Two Harbors Investment Corp. purchased 6,572 shares of the firm’s stock in a transaction on Tuesday, October 10th. The stock was bought at an average price of $18.96 per share, with a total value of $124,605.12. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 327,318 shares of company stock valued at $6,205,239.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GPMT. Kennedy Capital Management Inc. purchased a new position in Granite Point Mortgage Trust in the 2nd quarter worth approximately $5,673,000. Bienville Capital Management LLC purchased a new position in Granite Point Mortgage Trust in the 2nd quarter worth approximately $191,000. Wells Fargo & Company MN purchased a new position in Granite Point Mortgage Trust in the 2nd quarter worth approximately $393,000. Balyasny Asset Management LLC purchased a new position in Granite Point Mortgage Trust in the 2nd quarter worth approximately $2,117,000. Finally, Jacobs Asset Management LLC purchased a new position in Granite Point Mortgage Trust in the 2nd quarter worth approximately $13,739,000.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc is focused primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt, such as commercial real estate investments. The Company formed to continue and expand the commercial real estate lending business. The Company is a long-term, fundamental value-oriented investor.

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