Synovus Financial Corp Acquires 904 Shares of Granite Point Mortgage Trust Inc (NYSE:GPMT)

Synovus Financial Corp increased its holdings in Granite Point Mortgage Trust Inc (NYSE:GPMT) by 29.0% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 4,026 shares of the company’s stock after buying an additional 904 shares during the quarter. Synovus Financial Corp’s holdings in Granite Point Mortgage Trust were worth $75,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. increased its holdings in Granite Point Mortgage Trust by 1.3% in the 4th quarter. BlackRock Inc. now owns 7,542,741 shares of the company’s stock worth $135,997,000 after buying an additional 99,624 shares in the last quarter. KAMES CAPITAL plc grew its stake in shares of Granite Point Mortgage Trust by 2.0% during the 1st quarter. KAMES CAPITAL plc now owns 731,952 shares of the company’s stock valued at $13,585,000 after purchasing an additional 14,373 shares during the period. Timbercreek Investment Management Inc. grew its stake in shares of Granite Point Mortgage Trust by 11.4% during the 1st quarter. Timbercreek Investment Management Inc. now owns 565,495 shares of the company’s stock valued at $10,501,000 after purchasing an additional 57,700 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Granite Point Mortgage Trust by 2.7% during the 4th quarter. Bank of New York Mellon Corp now owns 555,368 shares of the company’s stock valued at $10,014,000 after purchasing an additional 14,665 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Granite Point Mortgage Trust by 1.1% during the 4th quarter. Northern Trust Corp now owns 512,475 shares of the company’s stock valued at $9,240,000 after purchasing an additional 5,446 shares during the period. Institutional investors own 73.83% of the company’s stock.

Shares of NYSE:GPMT traded down $0.04 during mid-day trading on Wednesday, reaching $18.89. 333,659 shares of the company traded hands, compared to its average volume of 593,492. The stock’s 50 day simple moving average is $18.98. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 13.30 and a beta of 0.39. The company has a current ratio of 12.95, a quick ratio of 12.95 and a debt-to-equity ratio of 1.49. Granite Point Mortgage Trust Inc has a 52 week low of $17.45 and a 52 week high of $19.69.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 19th. Investors of record on Friday, July 5th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $1.68 dividend on an annualized basis and a dividend yield of 8.89%. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is presently 118.31%.

In related news, insider Stephen Alpart sold 3,128 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $18.92, for a total value of $59,181.76. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Marcin Urbaszek sold 2,337 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $18.92, for a total value of $44,216.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,075 shares of company stock valued at $133,859. 2.00% of the stock is currently owned by corporate insiders.

Separately, Zacks Investment Research downgraded Granite Point Mortgage Trust from a “buy” rating to a “hold” rating in a research note on Tuesday, March 19th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $20.17.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust Inc 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. As of December 31, 2018, its investment portfolio includes 94 commercial real estate debt investments.

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Institutional Ownership by Quarter for Granite Point Mortgage Trust (NYSE:GPMT)

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