Two Harbors Investment Corp. Maintains 1.5% Stake in Granite Point Mortgage Trust Inc (GPMT)
Two Harbors Investment Corp.
recently revealed that they own 1.5% of Granite Point Mortgage Trust Inc (NASDAQ:GPMT) in a Form 13D/A disclosure that was filed with the Securities and Exchange Commission on Thursday, November 2nd. The investor owns 629,845 shares of the stock valued at approximately $11,683,625. The reporting parties listed on the disclosure included Two Harbors Investment Corp, 270312904, Two Harbors Operating Company LLC, 270312904 and Capitol Acquisition Corp, 260435458. The filing is available through Edgar at this link.
Two Harbors Investment Corp.
provided the following explanation of their ownership:
Section (a) of Item 4 is supplemented as follows:
(a) On September 14,2017, the Board of Directors of Two Harbors declared a special dividend to distribute the shares of the Issuer’s Common Stock acquired in connection with the contribution of Two Harbors’ commercial real estate portfolio to the Issuer. On November 1,2017, Two Harbors distributed the 33,071,000 shares of the Issuer’s Common Stock to Two Harbors common stockholders by way of a pro rata dividend (the “Stock Dividend”). Two Harbors common stockholders who were entitled to take part in the Stock Dividend received 0.094765 shares of Granite Point common stock for each share of Two Harbors common stock outstanding on October 20,2017, subject to the liquidation of fractional shares for which stockholders will receive a payment of cash in lieu of such fractional shares.
Fractional shares of Issuer’s Common Stock were not distributed as part of the Stock Dividend. Instead, as soon as practicable after the payment date for the Stock Dividend, the distribution agent will aggregate all fractional shares of Issuer’s Common Stock into whole shares, sell those shares in the open market at prevailing market prices and distribute the aggregate net cash proceeds of those sales pro rata to each holder who otherwise would have been entitled to receive a fractional share as a result of the Stock Dividend.
As noted above, this Schedule 13D reports that the Reporting Persons’ are no longer beneficial owners of more than 5% of the Issuer’s Common Stock and that Reporting Persons’ obligation to file additional amendments has terminated.
Several other hedge funds and other institutional investors have also recently bought and sold shares of GPMT. Bienville Capital Management LLC purchased a new stake in Granite Point Mortgage Trust during the 2nd quarter valued at $191,000. Wilbanks Smith & Thomas Asset Management LLC purchased a new stake in Granite Point Mortgage Trust during the 2nd quarter valued at $218,000. IndexIQ Advisors LLC purchased a new stake in Granite Point Mortgage Trust during the 3rd quarter valued at $220,000. Wells Fargo & Company MN purchased a new stake in Granite Point Mortgage Trust during the 2nd quarter valued at $393,000. Finally, Balyasny Asset Management LLC purchased a new stake in Granite Point Mortgage Trust during the 2nd quarter valued at $2,117,000.
A number of analysts have weighed in on the company. Bank of America Corporation assumed coverage on Granite Point Mortgage Trust in a research note on Tuesday, July 18th. They issued a “neutral” rating on the stock. Keefe, Bruyette & Woods assumed coverage on Granite Point Mortgage Trust in a research note on Tuesday, July 18th. They issued a “market perform” rating and a $19.50 target price on the stock. JMP Securities assumed coverage on Granite Point Mortgage Trust in a research note on Tuesday, July 18th. They issued an “outperform” rating and a $20.50 target price on the stock. J P Morgan Chase & Co assumed coverage on Granite Point Mortgage Trust in a research note on Tuesday, July 18th. They issued an “overweight” rating and a $20.00 target price on the stock. Finally, Zacks Investment Research lowered Granite Point Mortgage Trust from a “buy” rating to a “hold” rating in a research note on Wednesday, October 11th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $19.90.
The firm also recently declared a special dividend, which was paid on Wednesday, October 18th. Stockholders of record on Friday, September 29th were paid a $0.32 dividend. The ex-dividend date of this dividend was Thursday, September 28th.
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In other Granite Point Mortgage Trust news, major shareholder Two Harbors Investment Corp. purchased 43,212 shares of the firm’s stock in a transaction dated Friday, August 11th. The shares were acquired at an average price of $19.08 per share, with a total value of $824,484.96. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director William Reid Sanders purchased 10,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was acquired at an average cost of $19.16 per share, for a total transaction of $191,600.00. Following the purchase, the director now owns 17,564 shares in the company, valued at $336,526.24. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 439,845 shares of company stock worth $8,314,692.
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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