Abundance Wealth Counselors Boosts Stake in Granite Point Mortgage Trust Inc. (NYSE:GPMT)

Abundance Wealth Counselors raised its holdings in Granite Point Mortgage Trust Inc. (NYSE:GPMT) by 28.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 69,165 shares of the company’s stock after buying an additional 15,349 shares during the period. Abundance Wealth Counselors owned approximately 0.14% of Granite Point Mortgage Trust worth $205,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GPMT. Charles Schwab Investment Management Inc. boosted its position in Granite Point Mortgage Trust by 21.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,022,855 shares of the company’s stock valued at $6,076,000 after buying an additional 181,062 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings in shares of Granite Point Mortgage Trust by 115.7% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 209,802 shares of the company’s stock valued at $1,001,000 after purchasing an additional 112,523 shares in the last quarter. GSA Capital Partners LLP raised its holdings in shares of Granite Point Mortgage Trust by 293.0% in the 1st quarter. GSA Capital Partners LLP now owns 93,540 shares of the company’s stock valued at $446,000 after purchasing an additional 69,741 shares in the last quarter. Relative Value Partners Group LLC raised its holdings in shares of Granite Point Mortgage Trust by 11.8% in the 4th quarter. Relative Value Partners Group LLC now owns 616,763 shares of the company’s stock valued at $3,664,000 after purchasing an additional 65,057 shares in the last quarter. Finally, Acadian Asset Management LLC raised its holdings in shares of Granite Point Mortgage Trust by 2.6% in the 1st quarter. Acadian Asset Management LLC now owns 1,323,871 shares of the company’s stock valued at $6,314,000 after purchasing an additional 33,474 shares in the last quarter. Hedge funds and other institutional investors own 51.63% of the company’s stock.

Granite Point Mortgage Trust Trading Up 2.3 %

Shares of NYSE:GPMT traded up $0.06 during midday trading on Thursday, hitting $2.62. The stock had a trading volume of 228,006 shares, compared to its average volume of 451,613. The company has a market capitalization of $133.71 million, a PE ratio of -1.13 and a beta of 1.79. The stock has a 50 day moving average price of $2.94 and a two-hundred day moving average price of $3.89. Granite Point Mortgage Trust Inc. has a 1 year low of $2.49 and a 1 year high of $6.41.

Granite Point Mortgage Trust Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Monday, July 1st were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 7.63%. The ex-dividend date of this dividend was Monday, July 1st. Granite Point Mortgage Trust’s payout ratio is -8.66%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods cut their price target on shares of Granite Point Mortgage Trust from $3.25 to $2.75 and set an “underperform” rating on the stock in a research note on Monday.

Insider Activity

In related news, Director Stephen G. Kasnet sold 27,027 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $3.08, for a total transaction of $83,243.16. Following the sale, the director now owns 121,066 shares of the company’s stock, valued at $372,883.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.30% of the company’s stock.

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.