Insider Buying: Granite Point Mortgage Trust Inc. (NYSE:GPMT) CEO Purchases 5,500 Shares of Stock

Granite Point Mortgage Trust Inc. (NYSE:GPMT) CEO John A. Taylor bought 5,500 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The shares were acquired at an average cost of $5.06 per share, with a total value of $27,830.00. Following the transaction, the chief executive officer now owns 275,013 shares in the company, valued at approximately $1,391,565.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Granite Point Mortgage Trust Stock Performance

Shares of NYSE GPMT traded up $0.12 during trading hours on Friday, reaching $5.20. The stock had a trading volume of 427,704 shares, compared to its average volume of 662,519. The business’s fifty day moving average is $4.71 and its two-hundred day moving average is $4.99. Granite Point Mortgage Trust Inc. has a twelve month low of $3.97 and a twelve month high of $7.07.

Granite Point Mortgage Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Monday, October 2nd were paid a $0.20 dividend. The ex-dividend date of this dividend was Friday, September 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 15.38%. Granite Point Mortgage Trust’s payout ratio is -58.82%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Granite Point Mortgage Trust by 1.4% in the first quarter. Vanguard Group Inc. now owns 4,703,298 shares of the company’s stock valued at $52,301,000 after acquiring an additional 64,535 shares during the last quarter. BlackRock Inc. grew its stake in Granite Point Mortgage Trust by 0.9% in the second quarter. BlackRock Inc. now owns 4,238,440 shares of the company’s stock valued at $22,464,000 after purchasing an additional 38,963 shares in the last quarter. State Street Corp grew its stake in Granite Point Mortgage Trust by 1.3% in the second quarter. State Street Corp now owns 2,411,283 shares of the company’s stock valued at $23,671,000 after purchasing an additional 31,891 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Granite Point Mortgage Trust by 108.4% during the 1st quarter. Invesco Ltd. now owns 1,583,194 shares of the company’s stock worth $17,605,000 after acquiring an additional 823,363 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Granite Point Mortgage Trust by 2.9% during the 1st quarter. Geode Capital Management LLC now owns 1,037,741 shares of the company’s stock worth $5,147,000 after acquiring an additional 29,184 shares during the period. 47.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, JMP Securities reaffirmed a “market outperform” rating and issued a $9.00 price objective on shares of Granite Point Mortgage Trust in a report on Thursday, August 17th.

Granite Point Mortgage Trust Company Profile

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.