Granite Point Mortgage Trust (NYSE:GPMT) Receives Market Perform Rating from JMP Securities

Granite Point Mortgage Trust (NYSE:GPMT)‘s stock had its “market perform” rating reiterated by stock analysts at JMP Securities in a research note issued to investors on Friday,Benzinga reports.

Other research analysts have also issued reports about the company. UBS Group raised their price target on Granite Point Mortgage Trust from $3.50 to $4.00 and gave the company a “buy” rating in a report on Friday, November 15th. Keefe, Bruyette & Woods upgraded shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and boosted their price target for the company from $3.00 to $3.25 in a report on Tuesday, December 10th.

Granite Point Mortgage Trust Stock Performance

Shares of NYSE:GPMT traded down $0.09 during trading hours on Friday, hitting $2.65. The stock had a trading volume of 202,379 shares, compared to its average volume of 395,879. The stock’s fifty day simple moving average is $3.17 and its 200 day simple moving average is $2.98. The firm has a market capitalization of $132.39 million, a price-to-earnings ratio of -0.69 and a beta of 1.86. Granite Point Mortgage Trust has a 1-year low of $2.46 and a 1-year high of $6.13.

Hedge Funds Weigh In On Granite Point Mortgage Trust

A number of hedge funds and other institutional investors have recently made changes to their positions in GPMT. JPMorgan Chase & Co. boosted its position in Granite Point Mortgage Trust by 121.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 281,251 shares of the company’s stock valued at $892,000 after buying an additional 154,202 shares during the last quarter. Barclays PLC boosted its stake in shares of Granite Point Mortgage Trust by 64.4% in the 3rd quarter. Barclays PLC now owns 115,750 shares of the company’s stock valued at $367,000 after purchasing an additional 45,323 shares during the last quarter. M&T Bank Corp acquired a new stake in shares of Granite Point Mortgage Trust during the 3rd quarter worth approximately $61,000. Jane Street Group LLC increased its position in shares of Granite Point Mortgage Trust by 28.3% in the 3rd quarter. Jane Street Group LLC now owns 110,362 shares of the company’s stock valued at $350,000 after buying an additional 24,313 shares in the last quarter. Finally, FMR LLC lifted its holdings in Granite Point Mortgage Trust by 237.2% during the third quarter. FMR LLC now owns 8,296 shares of the company’s stock worth $26,000 after acquiring an additional 5,836 shares in the last quarter. 51.63% of the stock is owned by institutional investors.

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.