Granite Point Mortgage Trust Inc (GPMT) Receives Average Rating of “Buy” from Brokerages

Granite Point Mortgage Trust Inc (NYSE:GPMT) has been assigned an average recommendation of “Buy” from the seven research firms that are currently covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $20.10.

Several brokerages have commented on GPMT. Zacks Investment Research cut shares of Granite Point Mortgage Trust from a “buy” rating to a “hold” rating in a report on Thursday, October 25th. JPMorgan Chase & Co. cut shares of Granite Point Mortgage Trust from an “overweight” rating to a “neutral” rating and set a $19.50 price target for the company. in a report on Wednesday, January 16th.

Shares of GPMT opened at $19.00 on Thursday. Granite Point Mortgage Trust has a one year low of $16.43 and a one year high of $19.69. The stock has a market capitalization of $840.26 million, a price-to-earnings ratio of 13.38 and a beta of 0.38. The company has a quick ratio of 28.78, a current ratio of 1.64 and a debt-to-equity ratio of 1.11.

The business also recently declared a quarterly dividend, which was paid on Friday, January 18th. Investors of record on Monday, December 31st were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 8.84%. The ex-dividend date was Friday, December 28th. Granite Point Mortgage Trust’s dividend payout ratio is currently 118.31%.

In related news, COO Steven Plust sold 4,523 shares of the firm’s stock in a transaction that occurred on Wednesday, January 30th. The shares were sold at an average price of $19.55, for a total transaction of $88,424.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider John A. Taylor sold 10,734 shares of the firm’s stock in a transaction that occurred on Wednesday, January 30th. The stock was sold at an average price of $19.50, for a total transaction of $209,313.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,647 shares of company stock valued at $344,432. 2.10% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of GPMT. Raymond James & Associates bought a new position in Granite Point Mortgage Trust during the second quarter valued at approximately $1,070,000. Millennium Management LLC raised its position in Granite Point Mortgage Trust by 250.5% during the second quarter. Millennium Management LLC now owns 138,493 shares of the company’s stock valued at $2,541,000 after acquiring an additional 98,983 shares in the last quarter. Northern Trust Corp raised its position in Granite Point Mortgage Trust by 1.9% during the second quarter. Northern Trust Corp now owns 630,613 shares of the company’s stock valued at $11,572,000 after acquiring an additional 11,731 shares in the last quarter. State of Alaska Department of Revenue bought a new position in Granite Point Mortgage Trust during the third quarter valued at approximately $275,000. Finally, Louisiana State Employees Retirement System bought a new position in Granite Point Mortgage Trust during the third quarter valued at approximately $370,000. 73.56% of the stock is currently owned by hedge funds and other institutional investors.

About Granite Point Mortgage Trust

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, 2017, its investment portfolio includes 61 commercial real estate debt investments.

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Analyst Recommendations for Granite Point Mortgage Trust (NYSE:GPMT)

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