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Patrick Gregory Halter, a director at Granite Point Mortgage Trust Inc . (NYSE:GPMT), recently purchased 34,001 shares of the company’s common stock. The acquisition, reported in a Form 4 filing with the Securities and Exchange Commission, took place on February 25, 2025. The shares were bought at a weighted average price of $2.80, with individual transaction prices ranging from $2.79 to $2.82. The total value of the purchase amounts to approximately $95,202. Following this transaction, Halter holds 34,001 shares directly.
In other recent news, Granite Point Mortgage Trust has maintained its Outperform rating from Raymond (NSE:RYMD) James, with a consistent price target of $4.00. This follows a company update on December 19, where it was noted that the fourth-quarter dividend remained stable, aligning with market expectations. Additionally, Granite Point resolved three watch list loans in the fourth quarter and anticipates addressing three more in the near future. The company also repurchased 1.2 million shares during this period. Raymond James analyst Stephen Laws highlighted that the current stock valuation may overly account for potential credit issues and undervalue future earnings potential once non-accrual assets are resolved. These developments, including loan resolutions and share repurchases, are seen as indicators of the company's financial health and management's confidence. The reiterated rating and price target suggest a potential positive shift in earnings if the company successfully manages its portfolio. Investors might closely monitor Granite Point's progress in resolving its watch list loans and the subsequent impact on stock valuation and earnings.
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