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

Granite Point Mortgage Trust (NYSE:GPMT) had its price target increased by investment analysts at UBS Group from $3.50 to $4.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s price target would indicate a potential upside of 21.95% from the company’s current price.

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

Granite Point Mortgage Trust Stock Performance

Shares of GPMT traded down $0.07 during trading hours on Friday, hitting $3.28. The stock had a trading volume of 165,995 shares, compared to its average volume of 430,187. The firm has a 50-day moving average price of $3.00 and a 200 day moving average price of $3.04. Granite Point Mortgage Trust has a fifty-two week low of $2.46 and a fifty-two week high of $6.41. The firm has a market capitalization of $163.87 million, a price-to-earnings ratio of -0.85 and a beta of 1.79.

Institutional Trading of Granite Point Mortgage Trust

A number of large investors have recently made changes to their positions in the company. FMR LLC boosted its stake in shares of 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 buying an additional 5,836 shares during the period. Intech Investment Management LLC acquired a new stake in Granite Point Mortgage Trust during the third quarter worth approximately $46,000. B. Riley Wealth Advisors Inc. acquired a new stake in Granite Point Mortgage Trust during the first quarter worth approximately $55,000. Naviter Wealth LLC boosted its position in Granite Point Mortgage Trust by 53.6% during the second quarter. Naviter Wealth LLC now owns 21,500 shares of the company’s stock worth $64,000 after acquiring an additional 7,500 shares during the last quarter. Finally, Warther Private Wealth LLC acquired a new stake in Granite Point Mortgage Trust during the second quarter worth approximately $65,000. 51.63% of the stock is currently owned by hedge funds and other 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.