Granite Point Mortgage Trust (NYSE:GPMT – Get 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
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
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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