Granite Point Mortgage Trust Target of Unusually High Options Trading (NYSE:GPMT)

Granite Point Mortgage Trust Inc (NYSE:GPMT) was the recipient of some unusual options trading on Thursday. Investors bought 2,203 call options on the stock. This represents an increase of approximately 2,724% compared to the typical daily volume of 78 call options.

GPMT has been the topic of several research reports. Citigroup cut their price target on Granite Point Mortgage Trust from $16.00 to $2.50 and set a “neutral” rating on the stock in a research note on Thursday. Credit Suisse Group initiated coverage on Granite Point Mortgage Trust in a research note on Wednesday, January 8th. They set a “neutral” rating and a $18.00 price target on the stock. JMP Securities upgraded Granite Point Mortgage Trust from a “market perform” rating to an “outperform” rating and set a $10.00 price target on the stock in a research note on Thursday. Raymond James cut their target price on Granite Point Mortgage Trust from $20.50 to $19.50 and set an “outperform” rating on the stock in a research note on Wednesday, March 4th. Finally, Zacks Investment Research lowered Granite Point Mortgage Trust from a “buy” rating to a “sell” rating in a research note on Friday, March 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $14.20.

GPMT traded up $5.82 on Thursday, hitting $8.07. The company had a trading volume of 21,835,724 shares, compared to its average volume of 1,142,596. The stock has a fifty day moving average price of $14.38 and a 200-day moving average price of $17.40. Granite Point Mortgage Trust has a 12-month low of $1.74 and a 12-month high of $19.39. The company has a debt-to-equity ratio of 1.40, a quick ratio of 3.47 and a current ratio of 3.47. The stock has a market capitalization of $138.43 million, a price-to-earnings ratio of 6.16 and a beta of 0.53.

In other news, CEO John A. Taylor sold 11,971 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $18.36, for a total transaction of $219,787.56. Following the transaction, the chief executive officer now owns 224,745 shares in the company, valued at $4,126,318.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Marcin Urbaszek sold 2,334 shares of the firm’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $18.36, for a total value of $42,852.24. Following the transaction, the chief financial officer now owns 47,520 shares in the company, valued at approximately $872,467.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,186 shares of company stock worth $389,308. Insiders own 2.00% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of GPMT. Vestcor Investment Management Corp purchased a new position in Granite Point Mortgage Trust in the fourth quarter valued at about $4,335,000. Goldman Sachs Group Inc. grew its stake in Granite Point Mortgage Trust by 14.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,337,004 shares of the company’s stock valued at $24,574,000 after purchasing an additional 169,434 shares during the last quarter. State Street Corp grew its stake in Granite Point Mortgage Trust by 7.3% in the third quarter. State Street Corp now owns 1,706,791 shares of the company’s stock valued at $31,985,000 after purchasing an additional 116,592 shares during the last quarter. Norges Bank purchased a new position in Granite Point Mortgage Trust in the fourth quarter valued at about $2,005,000. Finally, First Trust Advisors LP purchased a new position in Granite Point Mortgage Trust in the fourth quarter valued at about $1,313,000. Institutional investors own 75.22% of the company’s stock.

Granite Point Mortgage Trust Company Profile

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, 2018, its investment portfolio includes 94 commercial real estate debt investments.

Read More: Fibonacci Channel

Receive News & Ratings for Granite Point Mortgage Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Granite Point Mortgage Trust and related companies with MarketBeat.com's FREE daily email newsletter.