Granite Point Mortgage Trust (NYSE:GPMT) Given New $3.00 Price Target at Keefe, Bruyette & Woods

Granite Point Mortgage Trust (NYSE:GPMT) had its price target increased by Keefe, Bruyette & Woods from $2.75 to $3.00 in a report published on Tuesday,Benzinga reports. The firm currently has an underperform rating on the stock.

Granite Point Mortgage Trust Stock Performance

Shares of GPMT stock opened at $3.27 on Tuesday. Granite Point Mortgage Trust has a twelve month low of $2.46 and a twelve month high of $6.41. The stock’s fifty day simple moving average is $2.97 and its 200 day simple moving average is $3.04.

Granite Point Mortgage Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 6.12%. The ex-dividend date of this dividend was Tuesday, October 1st. Granite Point Mortgage Trust’s payout ratio is -5.18%.

Hedge Funds Weigh In On Granite Point Mortgage Trust

A number of hedge funds have recently modified their holdings of GPMT. Intech Investment Management LLC acquired a new stake in Granite Point Mortgage Trust in the third quarter valued at $46,000. B. Riley Wealth Advisors Inc. bought a new stake in shares of Granite Point Mortgage Trust in the 1st quarter valued at about $55,000. Naviter Wealth LLC increased its stake in shares of Granite Point Mortgage Trust by 53.6% in the second quarter. Naviter Wealth LLC now owns 21,500 shares of the company’s stock valued at $64,000 after buying an additional 7,500 shares during the period. Warther Private Wealth LLC bought a new position in shares of Granite Point Mortgage Trust during the second quarter worth about $65,000. Finally, SG Americas Securities LLC acquired a new position in shares of Granite Point Mortgage Trust in the third quarter worth approximately $66,000. Institutional investors and hedge funds own 51.63% of the company’s stock.

Granite Point Mortgage Trust Company Profile

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.