Insider Selling: Granite Point Mortgage Trust Inc. (NYSE:GPMT) Director Sells 27,027 Shares of Stock

Granite Point Mortgage Trust Inc. (NYSE:GPMTGet Free Report) Director Stephen G. Kasnet sold 27,027 shares of Granite Point Mortgage Trust stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $3.08, for a total value of $83,243.16. Following the transaction, the director now owns 121,066 shares in the company, valued at $372,883.28. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Granite Point Mortgage Trust Price Performance

Shares of NYSE GPMT opened at $3.13 on Friday. The stock has a market capitalization of $159.48 million, a price-to-earnings ratio of -1.35 and a beta of 1.78. The stock’s fifty day simple moving average is $3.94 and its 200 day simple moving average is $4.88. Granite Point Mortgage Trust Inc. has a 52-week low of $2.86 and a 52-week high of $6.41.

Granite Point Mortgage Trust Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 19.20%. The ex-dividend date was Thursday, March 28th. Granite Point Mortgage Trust’s payout ratio is -25.97%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on GPMT shares. UBS Group lowered their price target on Granite Point Mortgage Trust from $6.50 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, March 20th. JMP Securities cut Granite Point Mortgage Trust from an “outperform” rating to a “market perform” rating in a research report on Tuesday, February 20th. Raymond James lowered their price target on Granite Point Mortgage Trust from $7.00 to $6.50 and set an “outperform” rating on the stock in a research report on Friday, February 16th. Finally, Keefe, Bruyette & Woods lowered their price target on Granite Point Mortgage Trust from $5.00 to $4.75 and set an “underperform” rating on the stock in a research report on Wednesday, April 10th.

Check Out Our Latest Stock Analysis on GPMT

Hedge Funds Weigh In On Granite Point Mortgage Trust

Hedge funds have recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Granite Point Mortgage Trust by 40.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 152,139 shares of the company’s stock worth $742,000 after acquiring an additional 44,060 shares during the last quarter. Barclays PLC raised its position in Granite Point Mortgage Trust by 265.8% during the third quarter. Barclays PLC now owns 41,079 shares of the company’s stock valued at $200,000 after buying an additional 29,848 shares during the period. New York State Common Retirement Fund lifted its stake in Granite Point Mortgage Trust by 666.9% in the 3rd quarter. New York State Common Retirement Fund now owns 21,963 shares of the company’s stock worth $107,000 after acquiring an additional 19,099 shares in the last quarter. Abundance Wealth Counselors lifted its stake in Granite Point Mortgage Trust by 22.7% in the 4th quarter. Abundance Wealth Counselors now owns 33,088 shares of the company’s stock worth $197,000 after acquiring an additional 6,127 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Granite Point Mortgage Trust by 21.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,022,855 shares of the company’s stock worth $6,076,000 after acquiring an additional 181,062 shares in the last quarter. 51.63% of the stock is currently owned by institutional investors and hedge funds.

About Granite Point Mortgage Trust

(Get Free Report)

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.

Featured Articles

Receive News & Ratings for Granite Point Mortgage Trust Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Granite Point Mortgage Trust and related companies with MarketBeat.com's FREE daily email newsletter.