Granite Point Mortgage Trust (NYSE:GPMT) Given New $3.25 Price Target at Keefe, Bruyette & Woods

Granite Point Mortgage Trust (NYSE:GPMTGet Free Report) had its price target reduced by equities research analysts at Keefe, Bruyette & Woods from $3.85 to $3.25 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “underperform” rating on the stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 2.52% from the company’s current price.

Separately, UBS Group cut their target price on shares of Granite Point Mortgage Trust from $6.50 to $6.00 and set a “buy” rating on the stock in a research note on Wednesday, March 20th.

Check Out Our Latest Report on GPMT

Granite Point Mortgage Trust Price Performance

Shares of NYSE GPMT opened at $3.17 on Wednesday. The company has a market cap of $161.77 million, a price-to-earnings ratio of -1.37 and a beta of 1.79. The stock’s 50-day moving average is $3.19 and its two-hundred day moving average is $4.41. Granite Point Mortgage Trust has a 1-year low of $2.68 and a 1-year high of $6.41.

Insider Transactions at Granite Point Mortgage Trust

In other news, Director Stephen G. Kasnet sold 27,027 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $3.08, for a total transaction of $83,243.16. Following the sale, the director now owns 121,066 shares of the company’s stock, valued at approximately $372,883.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Gladius Capital Management LP acquired a new position in Granite Point Mortgage Trust in the fourth quarter valued at $44,000. Westend Capital Management LLC purchased a new stake in Granite Point Mortgage Trust in the first quarter valued at approximately $43,000. Tower Research Capital LLC TRC grew its position in shares of Granite Point Mortgage Trust by 676.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,758 shares of the company’s stock worth $64,000 after acquiring an additional 9,372 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in Granite Point Mortgage Trust in the 3rd quarter valued at $55,000. Finally, Oak Thistle LLC acquired a new stake in Granite Point Mortgage Trust during the 4th quarter worth $67,000. 51.63% of the stock is owned by hedge funds and other institutional investors.

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.

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