Granite Point Mortgage Trust (NYSE:GPMT) Given New $4.00 Price Target at UBS Group

Granite Point Mortgage Trust (NYSE:GPMT) had its price objective boosted by UBS Group from $3.50 to $4.00 in a research note released on Friday,Benzinga reports. UBS Group currently has a buy rating on the stock.

Separately, Keefe, Bruyette & Woods lifted their price objective on Granite Point Mortgage Trust from $2.75 to $3.00 and gave the stock an “underperform” rating in a research report on Tuesday.

Granite Point Mortgage Trust Price Performance

Granite Point Mortgage Trust stock traded down $0.09 during trading hours on Friday, hitting $3.26. The company had a trading volume of 471,325 shares, compared to its average volume of 431,562. The firm’s fifty day moving average is $3.01 and its 200-day moving average is $3.04. Granite Point Mortgage Trust has a fifty-two week low of $2.46 and a fifty-two week high of $6.41. The firm has a market capitalization of $162.87 million, a P/E ratio of -0.85 and a beta of 1.79.

Granite Point Mortgage Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 6.13%. The ex-dividend date was Tuesday, October 1st. Granite Point Mortgage Trust’s dividend payout ratio is -5.18%.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Several hedge funds and other institutional investors have recently modified their holdings of the business. Wolverine Asset Management LLC acquired a new stake in Granite Point Mortgage Trust in the 3rd quarter valued at $506,000. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Granite Point Mortgage Trust by 115.7% in the first quarter. Jacobs Levy Equity Management Inc. now owns 209,802 shares of the company’s stock worth $1,001,000 after acquiring an additional 112,523 shares during the period. Penserra Capital Management LLC raised its stake 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 purchasing an additional 59,520 shares during the period. Barclays PLC lifted its holdings in Granite Point Mortgage Trust by 64.4% during the 3rd quarter. Barclays PLC now owns 115,750 shares of the company’s stock worth $367,000 after purchasing an additional 45,323 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its stake in Granite Point Mortgage Trust by 2.6% in the 1st quarter. Acadian Asset Management LLC now owns 1,323,871 shares of the company’s stock worth $6,314,000 after purchasing an additional 33,474 shares during the period. Institutional investors own 51.63% of the company’s stock.

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.