UBS Group Forecasts Strong Price Appreciation for Granite Point Mortgage Trust (NYSE:GPMT) Stock

Granite Point Mortgage Trust (NYSE:GPMT) had its price objective raised by equities researchers at UBS Group from $3.50 to $4.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s price objective would indicate a potential upside of 21.95% from the company’s current price.

Separately, Keefe, Bruyette & Woods raised their target price on Granite Point Mortgage Trust from $2.75 to $3.00 and gave the company an “underperform” rating in a research note on Tuesday.

Granite Point Mortgage Trust Trading Down 2.1 %

Shares of GPMT stock traded down $0.07 during trading hours on Friday, reaching $3.28. The company’s stock had a trading volume of 165,995 shares, compared to its average volume of 430,187. The stock has a market capitalization of $163.87 million, a P/E ratio of -0.85 and a beta of 1.79. The firm’s fifty day simple moving average is $3.00 and its 200 day simple moving average is $3.04. Granite Point Mortgage Trust has a one year low of $2.46 and a one year high of $6.41.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets raised its stake in shares of Granite Point Mortgage Trust by 35.6% in the first quarter. BNP Paribas Financial Markets now owns 32,360 shares of the company’s stock worth $154,000 after purchasing an additional 8,490 shares during the last quarter. Acadian Asset Management LLC boosted its position in shares of Granite Point Mortgage Trust by 2.6% during the first quarter. Acadian Asset Management LLC now owns 1,323,871 shares of the company’s stock valued at $6,314,000 after buying an additional 33,474 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Granite Point Mortgage Trust by 2.9% during the 1st 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 in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in Granite Point Mortgage Trust by 71.4% during the 1st quarter. Public Employees Retirement System of Ohio now owns 56,189 shares of the company’s stock valued at $268,000 after buying an additional 23,405 shares in the last quarter. Finally, 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. Hedge funds and other institutional investors own 51.63% 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.