Granite Point Mortgage Trust Inc (GPMT) Upgraded by Zacks Investment Research to “Buy”

Granite Point Mortgage Trust Inc (NASDAQ:GPMT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, September 20th. The brokerage currently has a $21.00 price target on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.12% from the stock’s previous close.

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. “

A number of other equities analysts have also recently issued reports on GPMT. J P Morgan Chase & Co initiated coverage on Granite Point Mortgage Trust in a report on Tuesday, July 18th. They set an “overweight” rating and a $20.00 target price for the company. Keefe, Bruyette & Woods initiated coverage on Granite Point Mortgage Trust in a report on Tuesday, July 18th. They set a “market perform” rating and a $19.50 target price for the company. JMP Securities assumed coverage on Granite Point Mortgage Trust in a report on Tuesday, July 18th. They set an “outperform” rating and a $20.50 target price for the company. Finally, Bank of America Corporation assumed coverage on Granite Point Mortgage Trust in a report on Tuesday, July 18th. They issued a “neutral” rating for the company. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Granite Point Mortgage Trust has a consensus rating of “Buy” and a consensus target price of $20.25.

Shares of Granite Point Mortgage Trust (GPMT) opened at 18.73 on Wednesday. The stock’s market cap is $809.79 million. Granite Point Mortgage Trust has a 1-year low of $18.54 and a 1-year high of $19.30. The company’s 50-day moving average price is $19.12 and its 200 day moving average price is $19.06.

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In related news, Director William Reid Sanders acquired 10,000 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was purchased at an average cost of $19.16 per share, for a total transaction of $191,600.00. Following the completion of the transaction, the director now directly owns 17,564 shares of the company’s stock, valued at approximately $336,526.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Two Harbors Investment Corp. acquired 43,212 shares of the business’s stock in a transaction on Friday, August 11th. The shares were bought at an average price of $19.08 per share, with a total value of $824,484.96. The disclosure for this purchase can be found here. Insiders purchased a total of 245,662 shares of company stock valued at $4,667,993 over the last quarter.

A number of hedge funds have recently modified their holdings of the business. Bienville Capital Management LLC acquired a new stake in Granite Point Mortgage Trust during the second quarter worth approximately $191,000. Wilbanks Smith & Thomas Asset Management LLC acquired a new stake in Granite Point Mortgage Trust during the second quarter worth approximately $218,000. Wells Fargo & Company MN acquired a new stake in Granite Point Mortgage Trust during the second quarter worth approximately $393,000. Balyasny Asset Management LLC acquired a new stake in Granite Point Mortgage Trust during the second quarter worth approximately $2,117,000. Finally, Empyrean Capital Partners LP acquired a new stake in Granite Point Mortgage Trust during the second quarter worth approximately $5,470,000.

Granite Point Mortgage Trust Company Profile

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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