14,000 Shares in Granite Point Mortgage Trust Inc. (NYSE:GPMT) Bought by Naviter Wealth LLC

Naviter Wealth LLC bought a new stake in Granite Point Mortgage Trust Inc. (NYSE:GPMT) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 14,000 shares of the company’s stock, valued at approximately $69,000.

A number of other hedge funds have also added to or reduced their stakes in the company. Westend Capital Management LLC acquired a new stake in Granite Point Mortgage Trust in the first quarter valued at about $43,000. Gladius Capital Management LP bought a new position in shares of Granite Point Mortgage Trust in the fourth quarter worth about $44,000. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Granite Point Mortgage Trust in the 3rd quarter valued at approximately $55,000. Tower Research Capital LLC TRC grew its holdings in shares of Granite Point Mortgage Trust by 676.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 10,758 shares of the company’s stock valued at $64,000 after purchasing an additional 9,372 shares during the last quarter. Finally, Oak Thistle LLC bought a new stake in shares of Granite Point Mortgage Trust during the 4th quarter valued at approximately $67,000. 51.63% of the stock is owned by institutional investors.

Insider Activity at Granite Point Mortgage Trust

In related news, Director Stephen G. Kasnet sold 27,027 shares of Granite Point Mortgage Trust stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $3.08, for a total transaction of $83,243.16. Following the transaction, the director now owns 121,066 shares of the company’s stock, valued at $372,883.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. UBS Group cut their target price on shares of Granite Point Mortgage Trust from $6.50 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, March 20th. Keefe, Bruyette & Woods lowered their target price on Granite Point Mortgage Trust from $5.00 to $4.75 and set an “underperform” rating for the company in a report on Wednesday, April 10th.

Granite Point Mortgage Trust Price Performance

Shares of NYSE:GPMT traded up $0.04 during trading on Tuesday, reaching $2.92. 480,629 shares of the stock were exchanged, compared to its average volume of 463,615. Granite Point Mortgage Trust Inc. has a 1-year low of $2.77 and a 1-year high of $6.41. The firm has a market cap of $149.01 million, a price-to-earnings ratio of -1.26 and a beta of 1.79. The stock has a fifty day moving average of $3.40 and a two-hundred day moving average of $4.54.

Granite Point Mortgage Trust Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be issued a $0.05 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 6.85%. Granite Point Mortgage Trust’s dividend payout ratio is presently -25.97%.

About Granite Point Mortgage Trust

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.