M&T Bank Corp Takes $61,000 Position in Granite Point Mortgage Trust Inc. (NYSE:GPMT)

M&T Bank Corp acquired a new position in Granite Point Mortgage Trust Inc. (NYSE:GPMT) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 19,228 shares of the company’s stock, valued at approximately $61,000.

A number of other hedge funds have also bought and sold shares of GPMT. Wolverine Asset Management LLC bought a new stake in shares of Granite Point Mortgage Trust in the third quarter worth approximately $506,000. GSA Capital Partners LLP raised its stake in Granite Point Mortgage Trust by 25.7% during the 3rd quarter. GSA Capital Partners LLP now owns 54,223 shares of the company’s stock valued at $172,000 after buying an additional 11,101 shares during the last quarter. Oak Thistle LLC purchased a new stake in Granite Point Mortgage Trust during the second quarter valued at $78,000. Bank of New York Mellon Corp lifted its holdings in Granite Point Mortgage Trust by 13.4% in the second quarter. Bank of New York Mellon Corp now owns 184,943 shares of the company’s stock valued at $549,000 after acquiring an additional 21,810 shares during the period. Finally, Hsbc Holdings PLC boosted its position in Granite Point Mortgage Trust by 8.7% in the second quarter. Hsbc Holdings PLC now owns 59,938 shares of the company’s stock worth $170,000 after purchasing an additional 4,805 shares during the last quarter. Hedge funds and other institutional investors own 51.63% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upgraded shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and increased their price objective for the stock from $3.00 to $3.25 in a research note on Tuesday, December 10th. UBS Group lifted their price target on shares of Granite Point Mortgage Trust from $3.50 to $4.00 and gave the stock a “buy” rating in a research note on Friday, November 15th.

Granite Point Mortgage Trust Stock Down 1.3 %

GPMT stock opened at $2.93 on Friday. The business’s 50-day moving average price is $3.23 and its 200-day moving average price is $3.00. The stock has a market cap of $146.38 million, a P/E ratio of -0.76 and a beta of 1.83. Granite Point Mortgage Trust Inc. has a twelve month low of $2.46 and a twelve month high of $6.41.

Granite Point Mortgage Trust Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.05 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 6.83%. Granite Point Mortgage Trust’s payout ratio is currently -5.18%.

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.