Granite Point Mortgage Trust (NYSE:GPMT) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Granite Point Mortgage Trust (NYSE:GPMT) had its target price increased by equities research analysts at Keefe, Bruyette & Woods from $2.75 to $3.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “underperform” rating on the stock. Keefe, Bruyette & Woods’ price target suggests a potential downside of 10.85% from the company’s current price.

Granite Point Mortgage Trust Trading Up 2.9 %

Shares of Granite Point Mortgage Trust stock opened at $3.37 on Tuesday. Granite Point Mortgage Trust has a 12 month low of $2.46 and a 12 month high of $6.41. The stock’s fifty day moving average price is $2.99 and its 200-day moving average price is $3.04. The firm has a market cap of $168.12 million, a P/E ratio of -0.87 and a beta of 1.79.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Several institutional investors have recently bought and sold shares of the business. FMR LLC boosted its position in Granite Point Mortgage Trust by 237.2% during the 3rd quarter. FMR LLC now owns 8,296 shares of the company’s stock valued at $26,000 after acquiring an additional 5,836 shares in the last quarter. Intech Investment Management LLC bought a new stake in Granite Point Mortgage Trust during the third quarter valued at about $46,000. B. Riley Wealth Advisors Inc. bought a new stake in Granite Point Mortgage Trust during the first quarter valued at about $55,000. Naviter Wealth LLC grew its stake in Granite Point Mortgage Trust by 53.6% in the second quarter. Naviter Wealth LLC now owns 21,500 shares of the company’s stock valued at $64,000 after purchasing an additional 7,500 shares during the last quarter. Finally, Warther Private Wealth LLC bought a new position in Granite Point Mortgage Trust in the second quarter worth about $65,000. 51.63% of the stock is owned by hedge funds and other institutional investors.

Granite Point Mortgage Trust Company Profile

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.