JMP Securities Reaffirms “Market Perform” Rating for Granite Point Mortgage Trust (NYSE:GPMT)

JMP Securities restated their market perform rating on shares of Granite Point Mortgage Trust (NYSE:GPMT) in a report released on Friday,Benzinga reports.

Other analysts have also issued research reports about the company. Keefe, Bruyette & Woods upgraded Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and upped their target price for the stock from $3.00 to $3.25 in a report on Tuesday, December 10th. UBS Group lifted their target price on Granite Point Mortgage Trust from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Friday, November 15th.

Granite Point Mortgage Trust Stock Performance

NYSE GPMT opened at $2.69 on Friday. The company’s 50-day simple moving average is $3.17 and its two-hundred day simple moving average is $2.98. Granite Point Mortgage Trust has a one year low of $2.46 and a one year high of $6.13. The company has a market capitalization of $134.39 million, a price-to-earnings ratio of -0.70 and a beta of 1.86.

Granite Point Mortgage Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 7.43%. The ex-dividend date is Tuesday, December 31st. Granite Point Mortgage Trust’s dividend payout ratio is currently -5.18%.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Large investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its stake in Granite Point Mortgage Trust by 121.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 281,251 shares of the company’s stock worth $892,000 after purchasing an additional 154,202 shares in the last quarter. Barclays PLC lifted its stake in shares of Granite Point Mortgage Trust by 64.4% during the third quarter. Barclays PLC now owns 115,750 shares of the company’s stock worth $367,000 after buying an additional 45,323 shares during the period. M&T Bank Corp purchased a new stake in shares of Granite Point Mortgage Trust during the third quarter valued at $61,000. Jane Street Group LLC grew its holdings in shares of Granite Point Mortgage Trust by 28.3% during the third quarter. Jane Street Group LLC now owns 110,362 shares of the company’s stock valued at $350,000 after buying an additional 24,313 shares during the last quarter. Finally, FMR LLC raised its stake in Granite Point Mortgage Trust by 237.2% in the 3rd quarter. FMR LLC now owns 8,296 shares of the company’s stock worth $26,000 after acquiring an additional 5,836 shares during the last quarter. Hedge funds and other institutional investors own 51.63% of the company’s stock.

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.