Granite Point Mortgage Trust (NYSE:GPMT) Rating Increased to Hold at Zacks Investment Research

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Zacks Investment Research upgraded shares of Granite Point Mortgage Trust (NYSE:GPMT) from a sell rating to a hold rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Granite Point Mortgage Trust Inc. focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point Mortgage Trust Inc. is headquatered in New York, United States. “

Shares of Granite Point Mortgage Trust stock opened at $19.15 on Wednesday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 12.95 and a current ratio of 12.95. The stock has a 50-day simple moving average of $18.97. The company has a market cap of $1.03 billion, a price-to-earnings ratio of 13.49 and a beta of 0.39. Granite Point Mortgage Trust has a 1 year low of $17.45 and a 1 year high of $19.69.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 19th. Investors of record on Friday, July 5th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 8.77%. The ex-dividend date of this dividend is Wednesday, July 3rd. Granite Point Mortgage Trust’s payout ratio is currently 118.31%.

In other Granite Point Mortgage Trust news, insider Stephen Alpart sold 3,128 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $18.92, for a total value of $59,181.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Rebecca B. Sandberg sold 1,610 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $18.92, for a total value of $30,461.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,075 shares of company stock worth $133,859. Corporate insiders own 2.00% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Berman Capital Advisors LLC boosted its stake in Granite Point Mortgage Trust by 144.3% in the 1st quarter. Berman Capital Advisors LLC now owns 1,434 shares of the company’s stock worth $26,000 after purchasing an additional 847 shares in the last quarter. Advisory Services Network LLC raised its holdings in Granite Point Mortgage Trust by 5,555.6% in the fourth quarter. Advisory Services Network LLC now owns 2,036 shares of the company’s stock worth $37,000 after buying an additional 2,000 shares during the last quarter. Victory Capital Management Inc. bought a new position in shares of Granite Point Mortgage Trust in the first quarter worth approximately $42,000. Nisa Investment Advisors LLC lifted its stake in shares of Granite Point Mortgage Trust by 378.0% in the first quarter. Nisa Investment Advisors LLC now owns 2,390 shares of the company’s stock worth $44,000 after buying an additional 1,890 shares in the last quarter. Finally, Catalyst Capital Advisors LLC bought a new position in shares of Granite Point Mortgage Trust in the first quarter worth approximately $48,000. 73.83% 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, 2018, its investment portfolio includes 94 commercial real estate debt investments.

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