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 Tuesday. The firm currently has a $20.00 price objective on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 8.81% from the company’s current price.

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

Granite Point Mortgage Trust (NASDAQ GPMT) traded up 0.44% on Tuesday, reaching $18.38. The company’s stock had a trading volume of 258,735 shares. Granite Point Mortgage Trust has a 12-month low of $18.27 and a 12-month high of $19.30. The company’s 50 day moving average price is $18.93 and its 200-day moving average price is $19.00. The stock’s market cap is $794.64 million.

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In related news, Director William Reid Sanders bought 10,000 shares of the stock in a transaction that occurred on Thursday, August 10th. The shares were bought 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 owns 17,564 shares of the company’s stock, valued at $336,526.24. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Two Harbors Investment Corp. bought 32,300 shares of the stock in a transaction that occurred on Thursday, August 17th. The shares were bought at an average price of $19.09 per share, for a total transaction of $616,607.00. The disclosure for this purchase can be found here. Insiders have purchased 439,845 shares of company stock worth $8,314,692 over the last quarter.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. purchased a new position in Granite Point Mortgage Trust during the second quarter valued at $45,408,000. Jacobs Asset Management LLC purchased a new position in Granite Point Mortgage Trust during the second quarter valued at $13,739,000. Kennedy Capital Management Inc. purchased a new position in Granite Point Mortgage Trust during the second quarter valued at $5,673,000. Empyrean Capital Partners LP purchased a new position in Granite Point Mortgage Trust during the second quarter valued at $5,470,000. Finally, Balyasny Asset Management LLC purchased a new position in Granite Point Mortgage Trust during the second quarter valued at $2,117,000.

About Granite Point Mortgage Trust

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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