Granite Point Mortgage Trust (NYSE:GPMT) Given New $3.00 Price Target at Keefe, Bruyette & Woods

Granite Point Mortgage Trust (NYSE:GPMT) had its price objective upped by Keefe, Bruyette & Woods from $2.75 to $3.00 in a research note released on Tuesday,Benzinga reports. The firm currently has an underperform rating on the stock.

Granite Point Mortgage Trust Stock Down 3.5 %

Shares of GPMT stock opened at $3.27 on Tuesday. Granite Point Mortgage Trust has a 52 week low of $2.46 and a 52 week high of $6.41. The company has a 50-day simple moving average of $2.97 and a 200 day simple moving average of $3.04.

Granite Point Mortgage Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 6.12%. The ex-dividend date of this dividend was Tuesday, October 1st. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is -5.18%.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Several institutional investors have recently made changes to their positions in the stock. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Granite Point Mortgage Trust during the 1st quarter worth approximately $55,000. Intech Investment Management LLC bought a new position in shares of Granite Point Mortgage Trust in the 3rd quarter valued at $46,000. SG Americas Securities LLC acquired a new position in shares of Granite Point Mortgage Trust during the 3rd quarter worth $66,000. Naviter Wealth LLC lifted its position in shares of Granite Point Mortgage Trust by 53.6% during the 2nd quarter. Naviter Wealth LLC now owns 21,500 shares of the company’s stock worth $64,000 after buying an additional 7,500 shares during the last quarter. Finally, Warther Private Wealth LLC acquired a new stake in Granite Point Mortgage Trust in the second quarter valued at about $65,000. 51.63% of the stock is currently owned by institutional investors.

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.