Granite Point Mortgage Trust (NYSE:GPMT) Sets New 12-Month Low at $9.99

Granite Point Mortgage Trust Inc. (NYSE:GPMT – Get Rating)’s share price reached a new 52-week low during trading on Tuesday . The company traded as low as $9.99 and last traded at $10.07, with a volume of 3217 shares traded. The stock had previously closed at $10.30.

A number of analysts recently commented on GPMT shares. Zacks Investment Research cut Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a research report on Tuesday, April 12th. Credit Suisse Group decreased their price target on Granite Point Mortgage Trust from $15.00 to $14.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 1st. Finally, JMP Securities reissued a “buy” rating and issued a $15.00 price target on shares of Granite Point Mortgage Trust in a research note on Monday, March 28th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $14.00.

The stock has a market capitalization of $538.56 million, a price-to-earnings ratio of 8.82 and a beta of 1.38. The firm’s 50 day moving average price is $11.04.

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 15th. Stockholders of record on Friday, April 1st were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 10.00%. The ex-dividend date of this dividend was Thursday, March 31st. Granite Point Mortgage Trust’s dividend payout ratio is currently 87.72%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Catalyst Capital Advisors LLC lifted its stake in shares of Granite Point Mortgage Trust by 32.0% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 4,410 shares of the company’s stock valued at $58,000 after purchasing an additional 1,070 shares in the last quarter. Penserra Capital Management LLC purchased a new stake in shares of Granite Point Mortgage Trust during the 3rd quarter valued at about $84,000. Meeder Asset Management Inc. raised its holdings in shares of Granite Point Mortgage Trust by 127.0% during the 3rd quarter. Meeder Asset Management Inc. now owns 6,553 shares of the company’s stock valued at $87,000 after buying an additional 3,666 shares during the period. Teacher Retirement System of Texas purchased a new stake in shares of Granite Point Mortgage Trust during the 4th quarter valued at about $124,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Granite Point Mortgage Trust during the 3rd quarter valued at about $140,000. 60.07% of the stock is currently owned by institutional investors and hedge funds.

Granite Point Mortgage Trust Company Profile (NYSE:GPMT)

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.

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