Granite Point Mortgage Trust Inc (NASDAQ:GPMT) had its target price reduced by Bank of America Corporation from $19.50 to $18.00 in a report published on Wednesday morning. Bank of America Corporation currently has a neutral rating on the stock.

A number of other equities analysts also recently issued reports on the company. Zacks Investment Research upgraded Granite Point Mortgage Trust from a hold rating to a buy rating and set a $20.00 price objective for the company in a research report on Tuesday, October 24th. Keefe, Bruyette & Woods initiated coverage on Granite Point Mortgage Trust in a research report on Tuesday, July 18th. They set a market perform rating and a $19.50 price objective for the company. JMP Securities initiated coverage on Granite Point Mortgage Trust in a research report on Tuesday, July 18th. They set an outperform rating and a $20.50 price objective for the company. Compass Point initiated coverage on Granite Point Mortgage Trust in a research report on Friday, October 27th. They set a buy rating and a $19.50 price objective for the company. Finally, J P Morgan Chase & Co initiated coverage on Granite Point Mortgage Trust in a research report on Tuesday, July 18th. They set an overweight rating and a $20.00 price objective for the company. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $19.58.

Shares of Granite Point Mortgage Trust (GPMT) traded down $0.02 on Wednesday, hitting $17.78. The stock had a trading volume of 1,099,989 shares, compared to its average volume of 683,303. Granite Point Mortgage Trust has a 52 week low of $17.02 and a 52 week high of $19.30.

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The firm also recently announced a special dividend, which was paid on Wednesday, October 18th. Shareholders of record on Friday, September 29th were issued a $0.32 dividend. The ex-dividend date was Thursday, September 28th.

In other news, major shareholder Two Harbors Investment Corp. acquired 73,439 shares of the firm’s stock in a transaction dated Tuesday, September 19th. The stock was purchased at an average price of $18.92 per share, for a total transaction of $1,389,465.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have bought 386,633 shares of company stock valued at $7,298,607.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. bought a new stake in shares of Granite Point Mortgage Trust during the second quarter valued at approximately $45,408,000. Empyrean Capital Partners LP purchased a new position in shares of Granite Point Mortgage Trust during the second quarter valued at approximately $5,470,000. Balyasny Asset Management LLC purchased a new position in shares of Granite Point Mortgage Trust during the second quarter valued at approximately $2,117,000. Kennedy Capital Management Inc. purchased a new position in shares of Granite Point Mortgage Trust during the second quarter valued at approximately $5,673,000. Finally, Jacobs Asset Management LLC purchased a new position in shares of Granite Point Mortgage Trust during the second quarter valued at approximately $13,739,000.

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.

Analyst Recommendations for Granite Point Mortgage Trust (NASDAQ:GPMT)

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