Granite Point Mortgage Trust (GPMT) Receives Buy Rating from Compass Point
Granite Point Mortgage Trust (NYSE:GPMT)‘s stock had its “buy” rating reissued by research analysts at Compass Point in a report issued on Tuesday. They presently have a $20.00 price objective on the stock. Compass Point’s price target would indicate a potential upside of 7.24% from the company’s previous close.
Other research analysts have also recently issued reports about the company. Zacks Investment Research cut Granite Point Mortgage Trust from a “hold” rating to a “strong sell” rating in a research note on Wednesday, April 11th. JPMorgan Chase & Co. boosted their target price on Granite Point Mortgage Trust from $18.00 to $19.00 and gave the company a “$18.48” rating in a research note on Monday, July 23rd. Finally, Keefe, Bruyette & Woods cut Granite Point Mortgage Trust from an “outperform” rating to a “market perform” rating in a research note on Monday, July 30th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, three have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $19.50.
Granite Point Mortgage Trust traded down $0.25, reaching $18.65, on Tuesday, according to MarketBeat.com. The company had a trading volume of 10,497 shares, compared to its average volume of 876,595. The company has a market capitalization of $829.15 million, a PE ratio of 19.67, a P/E/G ratio of 0.55 and a beta of 0.07. The company has a current ratio of 16.04, a quick ratio of 16.04 and a debt-to-equity ratio of 0.17. Granite Point Mortgage Trust has a 52 week low of $16.15 and a 52 week high of $19.30.
In other Granite Point Mortgage Trust news, General Counsel Rebecca B. Sandberg sold 1,474 shares of the business’s stock in a transaction dated Monday, June 25th. The stock was sold at an average price of $18.69, for a total value of $27,549.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Marcin Urbaszek bought 2,500 shares of the firm’s stock in a transaction on Thursday, May 24th. The stock was acquired at an average cost of $18.34 per share, with a total value of $45,850.00. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 11,067 shares of company stock valued at $200,227. Insiders own 2.10% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Wedbush Securities Inc. boosted its position in shares of Granite Point Mortgage Trust by 44.2% during the second quarter. Wedbush Securities Inc. now owns 21,826 shares of the company’s stock worth $401,000 after buying an additional 6,694 shares during the period. CIBC Private Wealth Group LLC boosted its position in shares of Granite Point Mortgage Trust by 30.4% during the second quarter. CIBC Private Wealth Group LLC now owns 66,297 shares of the company’s stock worth $1,217,000 after buying an additional 15,475 shares during the period. Commonwealth Equity Services LLC acquired a new position in shares of Granite Point Mortgage Trust during the second quarter worth about $196,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Granite Point Mortgage Trust during the second quarter worth about $1,060,000. Finally, Acadian Asset Management LLC acquired a new position in shares of Granite Point Mortgage Trust during the second quarter worth about $867,000. 67.83% of the stock is owned by institutional investors.
About Granite Point Mortgage Trust
Granite Point Mortgage Trust Inc 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. As of December 31, 2017, its investment portfolio includes 61 commercial real estate debt investments.
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