Granite Point Mortgage Trust Inc (NYSE:GPMT) has earned an average rating of “Buy” from the six analysts that are presently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $19.50.

A number of equities analysts have issued reports on GPMT shares. Zacks Investment Research raised Granite Point Mortgage Trust from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research report on Tuesday, October 24th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $19.50 target price on shares of Granite Point Mortgage Trust in a research report on Thursday, October 12th. Compass Point started coverage on Granite Point Mortgage Trust in a research report on Friday, October 27th. They issued a “buy” rating and a $19.50 target price on the stock. Finally, Bank of America cut their target price on Granite Point Mortgage Trust from $19.50 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 8th.

Shares of Granite Point Mortgage Trust (NYSE GPMT) traded down $0.03 on Wednesday, hitting $17.52. The company’s stock had a trading volume of 272,979 shares, compared to its average volume of 472,354. Granite Point Mortgage Trust has a one year low of $17.02 and a one year high of $19.30. The firm has a market cap of $757.48 and a price-to-earnings ratio of 19.25.

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 18th. Stockholders of record on Friday, December 29th will be issued a $0.38 dividend. The ex-dividend date is Thursday, December 28th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 8.68%. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is 76.92%.

In other news, Director Brian Taylor purchased 5,600 shares of the stock in a transaction dated Thursday, November 16th. The stock was acquired at an average cost of $17.87 per share, for a total transaction of $100,072.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Two Harbors Investment Corp. purchased 50,000 shares of the stock in a transaction dated Friday, October 20th. The stock was purchased at an average price of $18.56 per share, with a total value of $928,000.00. The disclosure for this purchase can be found here. Insiders bought a total of 139,570 shares of company stock valued at $2,547,527 over the last quarter.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC bought a new stake in shares of Granite Point Mortgage Trust in the 4th quarter valued at approximately $139,000. KAMES CAPITAL plc bought a new position in Granite Point Mortgage Trust during the 4th quarter worth $3,009,000. Cubist Systematic Strategies LLC bought a new position in Granite Point Mortgage Trust during the 3rd quarter worth $515,000. California State Teachers Retirement System bought a new position in Granite Point Mortgage Trust during the 3rd quarter worth $307,000. Finally, Schwab Charles Investment Management Inc. bought a new position in Granite Point Mortgage Trust during the 3rd quarter worth $776,000. Institutional investors and hedge funds own 13.47% of the company’s stock.

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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.

Analyst Recommendations for Granite Point Mortgage Trust (NYSE:GPMT)

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