Granite Point Mortgage Trust (NYSE:GPMT) Releases Earnings Results, Misses Estimates By $0.40 EPS

Granite Point Mortgage Trust (NYSE:GPMT) posted its quarterly earnings data on Wednesday. The company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.40), FiscalAI reports. The firm had revenue of $8.27 million during the quarter, compared to analysts’ expectations of $7.85 million. Granite Point Mortgage Trust had a negative return on equity of 11.31% and a negative net margin of 29.82%.

Granite Point Mortgage Trust Trading Up 3.5%

GPMT stock traded up $0.05 on Wednesday, hitting $1.51. The company had a trading volume of 270,095 shares, compared to its average volume of 126,580. Granite Point Mortgage Trust has a 12-month low of $1.24 and a 12-month high of $3.12. The stock has a market cap of $72.41 million, a price-to-earnings ratio of -1.41 and a beta of 1.61. The stock’s 50-day simple moving average is $1.42 and its 200 day simple moving average is $1.59.

Granite Point Mortgage Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were paid a $0.05 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $0.20 dividend on an annualized basis and a dividend yield of 13.2%. Granite Point Mortgage Trust’s payout ratio is currently -18.69%.

Wall Street Analyst Weigh In

Several analysts have issued reports on GPMT shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Friday, July 17th. UBS Group assumed coverage on shares of Granite Point Mortgage Trust in a report on Thursday, July 16th. They issued a “neutral” rating and a $1.50 price objective for the company. Compass Point set a $1.50 target price on shares of Granite Point Mortgage Trust in a report on Monday, May 11th. Finally, Wall Street Zen lowered shares of Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Granite Point Mortgage Trust currently has a consensus rating of “Reduce” and an average price target of $1.83.

Institutional Trading of Granite Point Mortgage Trust

Several large investors have recently added to or reduced their stakes in the business. MetLife Investment Management LLC increased its stake in shares of Granite Point Mortgage Trust by 68.3% in the first quarter. MetLife Investment Management LLC now owns 21,334 shares of the company’s stock worth $55,000 after purchasing an additional 8,658 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Granite Point Mortgage Trust by 473.4% in the first quarter. AQR Capital Management LLC now owns 156,518 shares of the company’s stock valued at $407,000 after acquiring an additional 129,222 shares in the last quarter. Marshall Wace LLP grew its position in shares of Granite Point Mortgage Trust by 9,425.4% during the second quarter. Marshall Wace LLP now owns 1,007,221 shares of the company’s stock worth $2,488,000 after purchasing an additional 996,647 shares in the last quarter. Jump Financial LLC bought a new stake in Granite Point Mortgage Trust during the 2nd quarter valued at approximately $31,000. Finally, Qube Research & Technologies Ltd boosted its stake in Granite Point Mortgage Trust by 948.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 141,808 shares of the company’s stock worth $350,000 after purchasing an additional 128,288 shares during the period. 51.63% of the stock is currently owned by institutional investors.

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.