Granite Point Mortgage Trust Inc (NASDAQ:GPMT) was the target of a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 1,241,389 shares, a growth of 99.6% from the October 13th total of 621,988 shares. Based on an average trading volume of 290,571 shares, the days-to-cover ratio is currently 4.3 days. Approximately 2.9% of the shares of the stock are short sold.

In related news, major shareholder Two Harbors Investment Corp. acquired 24,488 shares of the stock in a transaction that occurred on Friday, August 18th. The shares were acquired at an average price of $19.10 per share, for a total transaction of $467,720.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Marcin Urbaszek acquired 3,000 shares of the stock in a transaction that occurred on Thursday, November 9th. The shares were bought at an average price of $17.37 per share, for a total transaction of $52,110.00. The disclosure for this purchase can be found here. Insiders have purchased 430,633 shares of company stock worth $8,071,297 in the last quarter.

A number of hedge funds have recently added to or reduced their stakes in GPMT. Kennedy Capital Management Inc. purchased a new stake in Granite Point Mortgage Trust in the 2nd quarter worth approximately $5,673,000. Bienville Capital Management LLC bought a new position in shares of Granite Point Mortgage Trust during the 2nd quarter valued at $191,000. Wells Fargo & Company MN bought a new position in shares of Granite Point Mortgage Trust during the 2nd quarter valued at $393,000. Balyasny Asset Management LLC bought a new position in shares of Granite Point Mortgage Trust during the 2nd quarter valued at $2,117,000. Finally, Jacobs Asset Management LLC bought a new position in shares of Granite Point Mortgage Trust during the 2nd quarter valued at $13,739,000.

Granite Point Mortgage Trust (NASDAQ GPMT) opened at $17.56 on Tuesday. Granite Point Mortgage Trust has a 52 week low of $17.02 and a 52 week high of $19.30.

The business also recently announced a special dividend, which was paid on Wednesday, October 18th. Shareholders of record on Friday, September 29th were given a $0.32 dividend. The ex-dividend date of this dividend was Thursday, September 28th.

GPMT has been the subject of a number of research reports. Bank of America Corporation reduced their target price on shares of Granite Point Mortgage Trust from $19.50 to $18.00 and set a “neutral” rating for the company in a report on Wednesday, November 8th. Zacks Investment Research cut shares of Granite Point Mortgage Trust from a “buy” rating to a “hold” rating in a report on Wednesday, October 11th. Compass Point initiated coverage on shares of Granite Point Mortgage Trust in a report on Friday, October 27th. They set a “buy” rating and a $19.50 target price for the company. Keefe, Bruyette & Woods assumed coverage on shares of Granite Point Mortgage Trust in a report on Tuesday, July 18th. They set a “market perform” rating and a $19.50 target price for the company. Finally, J P Morgan Chase & Co assumed coverage on shares of Granite Point Mortgage Trust in a research note on Tuesday, July 18th. They issued an “overweight” rating and a $20.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $19.58.

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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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