Granite Point Mortgage Trust (NYSE:GPMT) PT Lowered to $2.75 at Keefe, Bruyette & Woods

Granite Point Mortgage Trust (NYSE:GPMT) had its price objective trimmed by Keefe, Bruyette & Woods from $3.25 to $2.75 in a report issued on Monday, Benzinga reports. The firm currently has an underperform rating on the stock.

Granite Point Mortgage Trust Stock Performance

Shares of GPMT opened at $2.56 on Monday. Granite Point Mortgage Trust has a 52 week low of $2.49 and a 52 week high of $6.41. The firm has a market cap of $130.65 million, a P/E ratio of -1.11 and a beta of 1.79. The firm’s 50-day simple moving average is $2.95 and its 200 day simple moving average is $3.90.

Granite Point Mortgage Trust Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Monday, July 1st were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 7.81%. The ex-dividend date of this dividend was Monday, July 1st. Granite Point Mortgage Trust’s dividend payout ratio is currently -8.66%.

Insider Buying and Selling at Granite Point Mortgage Trust

In other news, Director Stephen G. Kasnet sold 27,027 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $3.08, for a total transaction of $83,243.16. Following the completion of the sale, the director now owns 121,066 shares of the company’s stock, valued at approximately $372,883.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Trading of Granite Point Mortgage Trust

A number of institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC lifted its stake in Granite Point Mortgage Trust by 27.7% in the 4th quarter. SG Americas Securities LLC now owns 27,877 shares of the company’s stock valued at $166,000 after purchasing an additional 6,048 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Granite Point Mortgage Trust by 21.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,022,855 shares of the company’s stock valued at $6,076,000 after purchasing an additional 181,062 shares during the last quarter. Gladius Capital Management LP bought a new position in Granite Point Mortgage Trust in the 4th quarter valued at approximately $44,000. Dorsey & Whitney Trust CO LLC lifted its stake in Granite Point Mortgage Trust by 33.3% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 20,000 shares of the company’s stock valued at $119,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Relative Value Partners Group LLC lifted its stake in Granite Point Mortgage Trust by 11.8% in the 4th quarter. Relative Value Partners Group LLC now owns 616,763 shares of the company’s stock valued at $3,664,000 after purchasing an additional 65,057 shares during the last quarter. Institutional investors 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.