Granite Point Mortgage Trust Inc. (NYSE:GPMT) Sees Large Drop in Short Interest

Granite Point Mortgage Trust Inc. (NYSE:GPMT) saw a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 1,250,000 shares, a decrease of 11.3% from the October 15th total of 1,410,000 shares. Based on an average trading volume of 365,500 shares, the short-interest ratio is currently 3.4 days. Currently, 2.6% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GPMT. UBS Group raised their target price on shares of Granite Point Mortgage Trust from $3.50 to $4.00 and gave the stock a “buy” rating in a research note on Friday. Keefe, Bruyette & Woods increased their price target on Granite Point Mortgage Trust from $2.75 to $3.00 and gave the company an “underperform” rating in a report on Tuesday, November 12th.

Granite Point Mortgage Trust Stock Performance

NYSE:GPMT traded down $0.09 on Friday, hitting $3.26. The stock had a trading volume of 471,325 shares, compared to its average volume of 412,203. The company has a fifty day moving average price of $3.01 and a two-hundred day moving average price of $3.03. Granite Point Mortgage Trust has a 1-year low of $2.46 and a 1-year high of $6.41.

Granite Point Mortgage Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 6.13%. The ex-dividend date was Tuesday, October 1st. Granite Point Mortgage Trust’s dividend payout ratio is presently -5.18%.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GPMT. FMR LLC grew its holdings in shares of Granite Point Mortgage Trust by 237.2% during the 3rd quarter. FMR LLC now owns 8,296 shares of the company’s stock worth $26,000 after purchasing an additional 5,836 shares during the period. B. Riley Wealth Advisors Inc. acquired a new stake in Granite Point Mortgage Trust in the 1st quarter valued at approximately $55,000. Intech Investment Management LLC acquired a new stake in Granite Point Mortgage Trust in the 3rd quarter valued at approximately $46,000. M&T Bank Corp acquired a new position in Granite Point Mortgage Trust during the third quarter worth $61,000. Finally, SG Americas Securities LLC purchased a new position in shares of Granite Point Mortgage Trust during the third quarter worth $66,000. Institutional investors and hedge funds own 51.63% of the company’s stock.

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.