Granite Point Mortgage Trust director Lazar Nikolic buys $24,708 in preferred stock

In recent transactions involving Granite Point Mortgage Trust Inc . (NYSE:GPMT), currently trading at $2.96 with a market capitalization of $144 million, Director Lazar Nikolic has expanded his holdings in the company. According to InvestingPro analysis, the stock appears undervalued, trading at just 0.23 times book value while offering a 7% dividend yield. According to a filing with the Securities and Exchange Commission, Nikolic acquired 1,395 shares of the company’s 7.00% Series A Preferred Stock across two transactions. The purchases, made on February 26 and February 27, were executed at prices ranging from $17.71 to $17.72 per share, totaling approximately $24,708. This insider buying aligns with InvestingPro data showing management’s aggressive share repurchase activity - one of several key insights available in the comprehensive Pro Research Report covering GPMT.

These acquisitions were carried out through entities JPL Opportunity (SO:FTCE11B) Fund LP and Soaring Eagle LLC, where Nikolic holds managing positions. Following these transactions, Nikolic’s indirect ownership in Granite Point Mortgage Trust now includes 33,297 shares of the preferred stock. This insider activity comes as the stock has shown significant price volatility, according to InvestingPro analysis, which offers real-time tracking of insider transactions and comprehensive valuation metrics.

In other recent news, Granite Point Mortgage Trust has received attention from Raymond (NSE:RYMD) James, which reaffirmed its Outperform rating on the company with a price target of $4.00. This decision comes after Granite Point’s update on December 19, where the company maintained its fourth-quarter dividend in line with previous quarters, meeting market expectations. Additionally, Granite Point resolved three watch list loans in the fourth quarter and plans to address three more soon. The company also repurchased 1.2 million shares during this period. Raymond James’ analyst, Stephen Laws, noted that the current valuation of Granite Point stock seems to overly account for potential credit issues, while not fully appreciating the potential earnings once non-accrual assets are resolved. The reaffirmed rating suggests that Raymond James sees potential for a positive shift in Granite Point’s earnings once these issues are managed. Investors may find interest in the company’s ongoing efforts to manage its portfolio and the implications for future earnings.

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