Granite Point Mortgage Trust Upgraded by Keefe, Bruyette & Woods to Market Perform Rating

Granite Point Mortgage Trust (NYSE:GPMT) has received an upgrade from the investment firm Keefe, Bruyette & Woods. In a recent research report released on Tuesday, analysts at the firm changed their recommendation from an "underperform" rating to a "market perform" rating.

As part of this upgrade, the brokerage also increased its price target for the stock, raising it from $3.00 to $3.25. This new price target represents a potential downside of 2.55% based on the stock's closing price prior to the announcement.

Additional Analyst Ratings

In a separate report, UBS Group has also made adjustments to its outlook on Granite Point Mortgage Trust. They have raised their price target from $3.50 to $4.00 and have assigned the company a "buy" rating as of November 15th.

Current Stock Performance

As of Tuesday, shares of Granite Point Mortgage Trust opened trading at $3.34. Over the past year, the stock has seen a low of $2.46 and a high of $6.41. Currently, the company holds a market capitalization of approximately $166.62 million and has an unfavorable price-to-earnings (PE) ratio of -0.86. The stock is exhibiting higher volatility with a beta of 1.83. Its 50-day moving average stands at $3.18, while the 200-day moving average is at $2.99.

Institutional Investor Activity

Recently, several institutional investors have engaged in trading shares of Granite Point Mortgage Trust. Price T Rowe Associates Inc. MD increased its holdings by 2.9% in the first quarter, now owning 118,793 shares valued at $567,000 after acquiring an additional 3,336 shares. Meanwhile, Abundance Wealth Counselors has enhanced its position by 28.5% during the second quarter, owning 69,165 shares worth $205,000 following an additional purchase of 15,349 shares during the last quarter.

Furthermore, Bank of New York Mellon Corp raised its stake by 13.4% in the second quarter and now holds 184,943 shares valued at $549,000 after acquiring 21,810 shares. Naviter Wealth LLC also boosted its investment by 53.6%, now controlling 21,500 shares valued at $64,000 after buying 7,500 additional shares. Lastly, Oak Thistle LLC initiated a new position in Granite Point Mortgage Trust worth $78,000. Overall, institutional investors currently own 51.63% of the company’s stock.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust Inc is a real estate investment trust (REIT) that specializes in originating, investing in, and managing senior floating-rate commercial mortgage loans along with other debt-related investments in commercial real estate throughout the United States. The company provides intermediate-term financing solutions, including bridge or transitional finance for various endeavors such as acquisitions, recapitalizations, refinancing, and other business strategies, including leasing, renovation, repositioning, and repurposing of commercial properties.

Conclusion

The upgrades from Keefe, Bruyette & Woods and UBS Group mark a significant shift in sentiment towards Granite Point Mortgage Trust. Investors may be keen to watch how these changes impact the stock’s performance in future trading sessions.

Granite, Mortgage, Trust