Granite Point Mortgage Trust Inc’s (NASDAQ:GPMT) Quiet Period To Expire on August 2nd

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 the company’s quiet period, insiders and any underwriters involved in the IPO are prevented from issuing any research reports or earnings estimates for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Several analysts recently issued reports on GPMT shares. 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 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 price target on the stock. J P Morgan Chase & Co assumed coverage on shares of Granite Point Mortgage Trust in a report on Tuesday, July 18th. They set an “overweight” rating and a $20.00 price target on the stock. Finally, Bank of America Corporation assumed coverage on shares of Granite Point Mortgage Trust in a report on Tuesday, July 18th. They issued a “neutral” rating on the stock.

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Shares of Granite Point Mortgage Trust (NASDAQ GPMT) opened at 19.07 on Friday. The company’s 50-day moving average is $19.05 and its 200-day moving average is $19.04. The stock’s market cap is $824.49 million. Granite Point Mortgage Trust has a 1-year low of $18.13 and a 1-year high of $19.30.

In related news, major shareholder Two Harbors Investment Corp. bought 43,212 shares of the stock in a transaction dated Friday, August 11th. The stock was acquired at an average price of $19.08 per share, for a total transaction of $824,484.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William Reid Sanders bought 10,000 shares of the stock in a transaction dated Thursday, August 10th. The stock was bought at an average price of $19.16 per share, with a total value of $191,600.00. Following the purchase, the director now owns 17,564 shares of the company’s stock, valued at approximately $336,526.24. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 142,712 shares of company stock worth $2,748,092.

A number of large investors have recently modified their holdings of GPMT. Goldman Sachs Group Inc. acquired a new stake in shares of Granite Point Mortgage Trust during the second quarter worth $45,408,000. Jacobs Asset Management LLC acquired a new stake in shares of Granite Point Mortgage Trust during the second quarter worth $13,739,000. Kennedy Capital Management Inc. acquired a new stake in shares of Granite Point Mortgage Trust during the second quarter worth $5,673,000. Empyrean Capital Partners LP acquired a new stake in shares of Granite Point Mortgage Trust during the second quarter worth $5,470,000. Finally, Balyasny Asset Management LLC acquired a new stake in shares of Granite Point Mortgage Trust during the second quarter worth $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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