Analysts Set $19.75 Target Price for Granite Point Mortgage Trust Inc (GPMT)

Granite Point Mortgage Trust Inc (NASDAQ:GPMT) has been given an average broker rating score of 2.00 (Buy) from the four analysts that provide coverage for the company, Zacks Investment Research reports. Two investment analysts have rated the stock with a hold rating and two have given a strong buy rating to the company.

Analysts have set a 1-year consensus price target of $19.75 for the company, according to Zacks. Zacks has also given Granite Point Mortgage Trust an industry rank of 53 out of 265 based on the ratings given to related companies.

Several research analysts have recently issued reports on the stock. Bank of America Corporation assumed coverage on shares of Granite Point Mortgage Trust in a report on Tuesday, July 18th. They issued a “neutral” rating on the stock. Zacks Investment Research upgraded shares of Granite Point Mortgage Trust from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a report on Wednesday, September 20th. J P Morgan Chase & Co assumed coverage on shares of Granite Point Mortgage Trust in a report on Tuesday, July 18th. They issued an “overweight” rating and a $20.00 target price on the stock. Keefe, Bruyette & Woods assumed coverage on shares of Granite Point Mortgage Trust in a report on Tuesday, July 18th. They issued a “market perform” rating and a $19.50 target price on the stock. Finally, JMP Securities assumed coverage on shares of Granite Point Mortgage Trust in a report on Tuesday, July 18th. They issued an “outperform” rating and a $20.50 target price on the stock.

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Granite Point Mortgage Trust (GPMT) traded up 0.1452% during midday trading on Wednesday, hitting $18.9675. 21,328 shares of the stock were exchanged. The company’s 50 day moving average is $19.04 and its 200-day moving average is $19.04. The stock’s market cap is $820.06 million. Granite Point Mortgage Trust has a 1-year low of $18.13 and a 1-year high of $19.30.

The company also recently announced a special dividend, which will be paid on Wednesday, October 18th. Stockholders of record on Friday, September 29th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Thursday, September 28th.

In related news, Director William Reid Sanders purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were acquired at an average price of $19.16 per share, for a total transaction of $191,600.00. Following the completion of the acquisition, the director now directly owns 17,564 shares in the company, valued at approximately $336,526.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Two Harbors Investment Corp. purchased 66,918 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was bought at an average price of $18.80 per share, for a total transaction of $1,258,058.40. The disclosure for this purchase can be found here. Insiders bought 320,746 shares of company stock worth $6,080,634 in the last 90 days.

Large investors have recently added to or reduced their stakes in the stock. Bienville Capital Management LLC bought a new stake in Granite Point Mortgage Trust in the second quarter valued at $191,000. Wilbanks Smith & Thomas Asset Management LLC bought a new stake in Granite Point Mortgage Trust in the second quarter valued at $218,000. Wells Fargo & Company MN bought a new stake in Granite Point Mortgage Trust in the second quarter valued at $393,000. Balyasny Asset Management LLC bought a new stake in Granite Point Mortgage Trust in the second quarter valued at $2,117,000. Finally, Empyrean Capital Partners LP bought a new stake in Granite Point Mortgage Trust in the second quarter valued at $5,470,000.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc is focused primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt, such as commercial real estate investments. The Company formed to continue and expand the commercial real estate lending business. The Company is a long-term, fundamental value-oriented investor.

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