Granite Point Mortgage Trust’s (NASDAQ:GPMT) quiet period will expire on Wednesday, August 2nd. Granite Point Mortgage Trust had issued 10,000,000 shares in its initial public offering on June 23rd. The total size of the offering was $195,000,000 based on an initial share price of $19.50. During Granite Point Mortgage Trust’s quiet period, underwriters and any insiders involved in the IPO are prevented from issuing any earnings forecasts or research reports for the company because of SEC regulations. Following the end of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.
A number of brokerages have recently issued reports on GPMT. Bank of America Corporation assumed coverage on shares of Granite Point Mortgage Trust in a report on Tuesday, July 18th. They set a “neutral” rating for the company. JMP Securities started coverage on shares of Granite Point Mortgage Trust in a research report on Tuesday, July 18th. They set an “outperform” rating and a $20.50 price objective for the company. Keefe, Bruyette & Woods started coverage on shares of Granite Point Mortgage Trust in a research report on Tuesday, July 18th. They issued a “market perform” rating and a $19.50 price target for the company. Finally, J P Morgan Chase & Co initiated coverage on shares of Granite Point Mortgage Trust in a research report on Tuesday, July 18th. They issued an “overweight” rating and a $20.00 price target for the company.
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Shares of Granite Point Mortgage Trust (NASDAQ:GPMT) opened at 19.07 on Friday. Granite Point Mortgage Trust has a 52 week low of $18.13 and a 52 week high of $19.30. The company’s 50-day moving average is $19.05 and its 200 day moving average is $19.04. The firm’s market capitalization is $824.49 million.
In other Granite Point Mortgage Trust news, CFO Marcin Urbaszek acquired 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 28th. The stock was acquired at an average cost of $19.50 per share, for a total transaction of $97,500.00. Following the transaction, the chief financial officer now owns 18,500 shares of the company’s stock, valued at $360,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen Alpart acquired 25,700 shares of the firm’s stock in a transaction that occurred on Wednesday, June 28th. The stock was acquired at an average price of $19.50 per share, with a total value of $501,150.00. Following the completion of the transaction, the insider now directly owns 45,700 shares in the company, valued at approximately $891,150. The disclosure for this purchase can be found here. Insiders purchased a total of 142,712 shares of company stock valued at $2,748,092 over the last quarter.
Several large investors have recently made changes to their positions in GPMT. Wilbanks Smith & Thomas Asset Management LLC bought a new stake in shares of Granite Point Mortgage Trust during the second quarter worth about $218,000. Empyrean Capital Partners LP bought a new stake in shares of Granite Point Mortgage Trust during the second quarter worth about $5,470,000. Goldman Sachs Group Inc. bought a new stake in shares of Granite Point Mortgage Trust during the second quarter worth about $45,408,000. Jacobs Asset Management LLC bought a new stake in shares of Granite Point Mortgage Trust during the second quarter worth about $13,739,000. Finally, Balyasny Asset Management LLC bought a new stake in shares of Granite Point Mortgage Trust during the second quarter worth about $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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