Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Granite Point Mortgage Trust (NYSE:GPMT) Stock

Granite Point Mortgage Trust (NYSE:GPMT) had its price objective hoisted by stock analysts at Keefe, Bruyette & Woods from $2.75 to $3.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “underperform” rating on the stock. Keefe, Bruyette & Woods’ price objective would indicate a potential downside of 10.85% from the stock’s previous close.

Granite Point Mortgage Trust Price Performance

Shares of NYSE:GPMT opened at $3.37 on Tuesday. The business’s 50-day moving average is $2.99 and its 200 day moving average is $3.04. Granite Point Mortgage Trust has a 1 year low of $2.46 and a 1 year high of $6.41. The firm has a market capitalization of $168.12 million, a P/E ratio of -0.87 and a beta of 1.79.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in GPMT. Price T Rowe Associates Inc. MD grew its holdings in shares of Granite Point Mortgage Trust by 2.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 118,793 shares of the company’s stock valued at $567,000 after buying an additional 3,336 shares during the last quarter. Hsbc Holdings PLC grew its stake in Granite Point Mortgage Trust by 8.7% during the 2nd quarter. Hsbc Holdings PLC now owns 59,938 shares of the company’s stock valued at $170,000 after purchasing an additional 4,805 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Granite Point Mortgage Trust by 25.5% in the second quarter. The Manufacturers Life Insurance Company now owns 23,684 shares of the company’s stock valued at $70,000 after purchasing an additional 4,807 shares during the period. FMR LLC raised its stake in shares of Granite Point Mortgage Trust by 237.2% in the third quarter. FMR LLC now owns 8,296 shares of the company’s stock worth $26,000 after purchasing an additional 5,836 shares during the last quarter. Finally, Naviter Wealth LLC boosted its position in Granite Point Mortgage Trust by 53.6% in the second quarter. Naviter Wealth LLC now owns 21,500 shares of the company’s stock valued at $64,000 after buying an additional 7,500 shares during the last quarter. Hedge funds and other institutional investors own 51.63% of the company’s stock.

Granite Point Mortgage Trust Company Profile

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.