JMP Securities Reaffirms “Market Perform” Rating for Granite Point Mortgage Trust (NYSE:GPMT)

Granite Point Mortgage Trust (NYSE:GPMT)‘s stock had its “market perform” rating reiterated by investment analysts at JMP Securities in a research report issued on Friday,Benzinga reports.

GPMT has been the subject of a number of other reports. UBS Group raised their target price on 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. Keefe, Bruyette & Woods upgraded Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and increased their price objective for the company from $3.00 to $3.25 in a research note on Tuesday, December 10th.

Granite Point Mortgage Trust Stock Performance

Shares of Granite Point Mortgage Trust stock traded down $0.09 on Friday, hitting $2.65. The company’s stock had a trading volume of 202,379 shares, compared to its average volume of 395,879. The company has a market capitalization of $132.39 million, a price-to-earnings ratio of -0.69 and a beta of 1.86. The firm has a fifty day moving average price of $3.17 and a 200-day moving average price of $2.98. Granite Point Mortgage Trust has a 1 year low of $2.46 and a 1 year high of $6.13.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Penserra Capital Management LLC raised its holdings in shares of Granite Point Mortgage Trust by 23.0% during the 3rd quarter. Penserra Capital Management LLC now owns 318,670 shares of the company’s stock valued at $1,010,000 after buying an additional 59,520 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Granite Point Mortgage Trust by 121.4% during the third quarter. JPMorgan Chase & Co. now owns 281,251 shares of the company’s stock valued at $892,000 after purchasing an additional 154,202 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Granite Point Mortgage Trust by 13.4% during the second quarter. Bank of New York Mellon Corp now owns 184,943 shares of the company’s stock valued at $549,000 after purchasing an additional 21,810 shares during the period. Wolverine Asset Management LLC acquired a new position in shares of Granite Point Mortgage Trust during the third quarter worth $506,000. Finally, Barclays PLC boosted its stake in shares of Granite Point Mortgage Trust by 64.4% in the third quarter. Barclays PLC now owns 115,750 shares of the company’s stock valued at $367,000 after purchasing an additional 45,323 shares during the period. 51.63% of the stock is currently owned by hedge funds and other 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.