Granite Point Mortgage Trust (NYSE:GPMT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “Granite Point Mortgage Trust Inc. focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point Mortgage Trust Inc. is headquatered in New York, United States. “

Other equities analysts also recently issued reports about the stock. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $19.50 target price on shares of Granite Point Mortgage Trust in a research note on Thursday, October 12th. Compass Point started coverage on shares of Granite Point Mortgage Trust in a research note on Friday, October 27th. They issued a “buy” rating and a $19.50 target price for the company. Finally, Bank of America dropped their target price on shares of Granite Point Mortgage Trust from $19.50 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, November 8th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $19.58.

Granite Point Mortgage Trust (GPMT) opened at $17.49 on Tuesday. Granite Point Mortgage Trust has a 1-year low of $17.02 and a 1-year high of $19.30. The stock has a market cap of $756.18 and a PE ratio of 19.22.

In other Granite Point Mortgage Trust news, major shareholder Two Harbors Investment Corp. purchased 50,000 shares of the company’s stock in a transaction that occurred on Friday, October 20th. The stock was acquired at an average cost of $18.56 per share, with a total value of $928,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William Roth purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The shares were acquired at an average cost of $17.56 per share, with a total value of $175,600.00. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 167,759 shares of company stock valued at $3,081,709.

Several institutional investors and hedge funds have recently bought and sold shares of GPMT. Wilbanks Smith & Thomas Asset Management LLC acquired a new position in Granite Point Mortgage Trust during the second quarter valued at approximately $218,000. IndexIQ Advisors LLC acquired a new position in Granite Point Mortgage Trust during the third quarter valued at approximately $220,000. Sei Investments Co. acquired a new position in Granite Point Mortgage Trust during the third quarter valued at approximately $225,000. California State Teachers Retirement System acquired a new position in Granite Point Mortgage Trust during the third quarter valued at approximately $307,000. Finally, Wells Fargo & Company MN acquired a new position in Granite Point Mortgage Trust during the second quarter valued at approximately $393,000. 13.47% of the stock is owned by institutional investors and hedge funds.

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About Granite Point Mortgage Trust

Granite Point Mortgage Trust Inc is focused primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt, such as commercial real estate investments. The Company formed to continue and expand the commercial real estate lending business. The Company is a long-term, fundamental value-oriented investor.

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