Zacks Investment Research upgraded shares of Granite Point Mortgage Trust (NYSE:GPMT) from a sell rating to a hold rating in a report released on Wednesday morning, Zacks.com reports.

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. “

GPMT stock opened at $19.15 on Wednesday. The company’s 50-day moving average is $18.97. The stock has a market cap of $1.03 billion, a PE ratio of 13.49 and a beta of 0.39. The company has a current ratio of 12.95, a quick ratio of 12.95 and a debt-to-equity ratio of 1.49. Granite Point Mortgage Trust has a twelve month low of $17.45 and a twelve month high of $19.69.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 19th. Shareholders of record on Friday, July 5th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 8.77%. The ex-dividend date of this dividend is Wednesday, July 3rd. Granite Point Mortgage Trust’s payout ratio is 118.31%.

In other Granite Point Mortgage Trust news, General Counsel Rebecca B. Sandberg sold 1,610 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $18.92, for a total value of $30,461.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stephen Alpart sold 3,128 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of $18.92, for a total transaction of $59,181.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,075 shares of company stock worth $133,859. 2.00% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in shares of Granite Point Mortgage Trust by 1.3% in the fourth quarter. BlackRock Inc. now owns 7,542,741 shares of the company’s stock valued at $135,997,000 after acquiring an additional 99,624 shares in the last quarter. Timbercreek Investment Management Inc. raised its stake in Granite Point Mortgage Trust by 79.2% during the 2nd quarter. Timbercreek Investment Management Inc. now owns 1,013,380 shares of the company’s stock valued at $19,497,000 after purchasing an additional 447,885 shares during the period. KAMES CAPITAL plc raised its stake in Granite Point Mortgage Trust by 2.0% during the 1st quarter. KAMES CAPITAL plc now owns 731,952 shares of the company’s stock valued at $13,585,000 after purchasing an additional 14,373 shares during the period. Bank of New York Mellon Corp lifted its holdings in Granite Point Mortgage Trust by 2.7% in the 4th quarter. Bank of New York Mellon Corp now owns 555,368 shares of the company’s stock worth $10,014,000 after purchasing an additional 14,665 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in Granite Point Mortgage Trust by 1.1% in the 4th quarter. Northern Trust Corp now owns 512,475 shares of the company’s stock worth $9,240,000 after purchasing an additional 5,446 shares in the last quarter. Institutional investors own 73.83% of the company’s stock.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust Inc 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. As of December 31, 2018, its investment portfolio includes 94 commercial real estate debt investments.

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