Granite Point Mortgage Trust (NYSE:GPMT) Receives Market Perform Rating from JMP Securities

JMP Securities reaffirmed their market perform rating on shares of Granite Point Mortgage Trust (NYSE:GPMT) in a report published on Friday morning,Benzinga reports.

Other equities analysts also recently issued reports about the company. Keefe, Bruyette & Woods upgraded Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and boosted their price objective for the company from $3.00 to $3.25 in a research report on Tuesday, December 10th. UBS Group boosted their price target on Granite Point Mortgage Trust from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Friday, November 15th.

Granite Point Mortgage Trust Stock Performance

GPMT opened at $2.69 on Friday. The stock has a market cap of $134.39 million, a price-to-earnings ratio of -0.70 and a beta of 1.86. The firm’s fifty day moving average is $3.17 and its 200 day moving average is $2.98. Granite Point Mortgage Trust has a fifty-two week low of $2.46 and a fifty-two week high of $6.13.

Granite Point Mortgage Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 7.43%. The ex-dividend date of this dividend is Tuesday, December 31st. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is presently -5.18%.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Several large investors have recently made changes to their positions in the company. FMR LLC boosted its stake in Granite Point Mortgage Trust by 237.2% during the third quarter. FMR LLC now owns 8,296 shares of the company’s stock valued at $26,000 after buying an additional 5,836 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Granite Point Mortgage Trust during the 3rd quarter valued at approximately $46,000. M&T Bank Corp bought a new position in shares of Granite Point Mortgage Trust during the 3rd quarter valued at approximately $61,000. SG Americas Securities LLC bought a new stake in Granite Point Mortgage Trust in the third quarter worth $66,000. Finally, The Manufacturers Life Insurance Company increased its position in Granite Point Mortgage Trust by 25.5% in the second quarter. The Manufacturers Life Insurance Company now owns 23,684 shares of the company’s stock worth $70,000 after purchasing an additional 4,807 shares during the last quarter. 51.63% of the stock is owned by institutional investors.

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.