Granite Point Mortgage Trust (NYSE:GPMT) Issues Earnings Results, Beats Estimates By $0.10 EPS

Granite Point Mortgage Trust (NYSE:GPMT) released its earnings results on Wednesday. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.10, FiscalAI reports. Granite Point Mortgage Trust had a negative return on equity of 15.27% and a negative net margin of 31.24%.The firm had revenue of $10.55 million during the quarter, compared to analysts’ expectations of $10.22 million.

Granite Point Mortgage Trust Trading Down 0.7%

Shares of GPMT stock traded down $0.02 during trading on Friday, hitting $2.00. The company’s stock had a trading volume of 163,164 shares, compared to its average volume of 203,358. The company has a market cap of $94.58 million, a PE ratio of -1.72 and a beta of 1.71. The business has a fifty day moving average of $2.38 and a 200-day moving average of $2.65. Granite Point Mortgage Trust has a 52 week low of $1.61 and a 52 week high of $3.16.

Granite Point Mortgage Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Tuesday, December 30th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 10.0%. The ex-dividend date was Tuesday, December 30th. Granite Point Mortgage Trust’s payout ratio is presently -13.89%.

Institutional Investors Weigh In On Granite Point Mortgage Trust

Large investors have recently made changes to their positions in the business. LPL Financial LLC bought a new position in Granite Point Mortgage Trust in the 4th quarter worth approximately $25,000. Advisory Services Network LLC purchased a new stake in shares of Granite Point Mortgage Trust during the third quarter worth $26,000. B. Riley Wealth Advisors Inc. bought a new position in shares of Granite Point Mortgage Trust in the second quarter worth $28,000. Jump Financial LLC purchased a new position in shares of Granite Point Mortgage Trust in the second quarter valued at $31,000. Finally, Hudson Bay Capital Management LP purchased a new position in shares of Granite Point Mortgage Trust in the second quarter valued at $31,000. 51.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GPMT. Keefe, Bruyette & Woods decreased their price target on shares of Granite Point Mortgage Trust from $2.75 to $2.50 and set a “market perform” rating on the stock in a report on Thursday, January 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Thursday, January 22nd. Compass Point set a $2.05 target price on Granite Point Mortgage Trust in a report on Friday. Zacks Research raised Granite Point Mortgage Trust to a “hold” rating in a research report on Friday, December 19th. Finally, Wall Street Zen upgraded shares of Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $2.68.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust, Inc is a specialty finance company that invests directly in commercial real estate debt. The company focuses on originating, acquiring and managing senior preferred and mezzanine loans secured by income-producing real estate across diverse property types, including multifamily, office, industrial and retail assets. Granite Point Mortgage Trust operates as a real estate investment trust (REIT), providing investors with exposure to floating-rate commercial mortgage loan investments.

Granite Point’s investment strategy centers on structuring loans to deliver attractive risk-adjusted returns, with portfolio allocations spanning senior loans, B-notes and mezzanine financings.