Granite Point Mortgage Trust (NYSE:GPMT) Posts Earnings Results, Misses Estimates By $3.05 EPS

Granite Point Mortgage Trust (NYSE:GPMT) issued its earnings results on Wednesday. The company reported ($6.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($3.94) by ($3.05), FiscalAI reports. The business had revenue of $3.49 million for the quarter, compared to analysts’ expectations of $5.90 million. Granite Point Mortgage Trust had a negative return on equity of 10.25% and a negative net margin of 73.75%.

Granite Point Mortgage Trust Stock Performance

Shares of Granite Point Mortgage Trust stock traded down $0.78 during trading on Thursday, hitting $3.83. 65,828 shares of the stock were exchanged, compared to its average volume of 22,923. Granite Point Mortgage Trust has a 12 month low of $3.51 and a 12 month high of $28.50. The stock has a market cap of $18.46 million, a PE ratio of -0.19 and a beta of 1.74. The stock’s fifty day moving average is $7.55 and its 200 day moving average is $13.51.

Granite Point Mortgage Trust Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st were given a $0.01 dividend. This is a drop from Granite Point Mortgage Trust’s previous quarterly dividend of $0.05. This represents a $0.04 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Thursday, October 1st. Granite Point Mortgage Trust’s dividend payout ratio is -1.99%.

Analyst Ratings Changes

A number of research analysts have recently commented on GPMT shares. UBS Group started coverage on shares of Granite Point Mortgage Trust in a research note on Thursday, July 16th. They set a “neutral” rating and a $15.00 price objective for the company. Wall Street Zen lowered shares of Granite Point Mortgage Trust to a “strong sell” rating in a report on Saturday, August 15th. Keefe, Bruyette & Woods lowered their price objective on shares of Granite Point Mortgage Trust from $15.00 to $12.50 and set a “market perform” rating for the company in a research note on Wednesday, August 12th. Zacks Research upgraded Granite Point Mortgage Trust from a “strong sell” rating to a “hold” rating in a report on Friday, October 9th. Finally, Weiss Ratings downgraded Granite Point Mortgage Trust from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, October 8th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Granite Point Mortgage Trust currently has an average rating of “Reduce” and an average price target of $13.33.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc is a real estate investment trust that focuses on commercial real estate finance. The company originates, acquires and manages commercial real estate debt investments, with an emphasis on floating-rate, senior mortgage loans secured by properties in major U.S. markets.

Its investments generally support transitional commercial properties, including office, multifamily, industrial, hotel, retail and mixed-use assets. Granite Point typically provides financing to property owners and investors seeking capital for acquisitions, renovations, repositioning or other business plans intended to enhance a property’s value.

Granite Point was established in 2015 and became a publicly traded company in 2017.