Insider Selling: Granite Point Mortgage Trust Inc. (NYSE:GPMT) Director Sells 8,814 Shares of Stock

Granite Point Mortgage Trust Inc. (NYSE:GPMT) Director Tanuja M. Dehne sold 8,814 shares of the firm’s stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $2.55, for a total transaction of $22,475.70. Following the completion of the sale, the director now directly owns 77,152 shares in the company, valued at $196,737.60. This represents a 10.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Granite Point Mortgage Trust Price Performance

Shares of NYSE GPMT opened at $2.56 on Friday. Granite Point Mortgage Trust Inc. has a 52 week low of $1.61 and a 52 week high of $3.66. The firm’s fifty day moving average is $2.17 and its 200 day moving average is $2.66. The company has a market cap of $123.92 million, a price-to-earnings ratio of -0.58 and a beta of 1.77.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC increased its position in Granite Point Mortgage Trust by 9.4% during the 1st quarter. Acadian Asset Management LLC now owns 602,372 shares of the company’s stock valued at $1,565,000 after purchasing an additional 51,780 shares during the period. AQR Capital Management LLC lifted its stake in Granite Point Mortgage Trust by 473.4% during the 1st quarter. AQR Capital Management LLC now owns 156,518 shares of the company’s stock valued at $407,000 after acquiring an additional 129,222 shares during the period. Cura Wealth Advisors LLC lifted its stake in Granite Point Mortgage Trust by 16.8% during the 1st quarter. Cura Wealth Advisors LLC now owns 1,465,929 shares of the company’s stock valued at $3,811,000 after acquiring an additional 210,408 shares during the period. Vident Advisory LLC bought a new position in Granite Point Mortgage Trust during the 1st quarter valued at about $124,000. Finally, Ieq Capital LLC lifted its stake in Granite Point Mortgage Trust by 123.4% during the 1st quarter. Ieq Capital LLC now owns 35,081 shares of the company’s stock valued at $91,000 after acquiring an additional 19,378 shares during the period. 51.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on GPMT shares. UBS Group reaffirmed a “buy” rating and issued a $3.25 target price (up from $2.50) on shares of Granite Point Mortgage Trust in a research note on Wednesday, May 21st. JMP Securities reissued a “market perform” rating on shares of Granite Point Mortgage Trust in a research note on Tuesday, February 18th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Granite Point Mortgage Trust from $2.50 to $2.25 and set a “market perform” rating on the stock in a research note on Wednesday, April 30th.

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.