Granite Point Mortgage Trust (NYSE:GPMT) Announces Quarterly Earnings Results

Granite Point Mortgage Trust (NYSE:GPMT) posted its quarterly earnings results on Tuesday. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.13, FiscalAI reports. The company had revenue of $11.22 million for the quarter, compared to analyst estimates of $7.40 million. Granite Point Mortgage Trust had a negative net margin of 31.24% and a negative return on equity of 15.52%.

Granite Point Mortgage Trust Price Performance

Shares of Granite Point Mortgage Trust stock traded down $0.00 during trading on Tuesday, hitting $1.41. 324,236 shares of the company’s stock traded hands, compared to its average volume of 188,085. The firm’s fifty day moving average price is $1.55 and its 200 day moving average price is $2.16. Granite Point Mortgage Trust has a twelve month low of $1.24 and a twelve month high of $3.12. The company has a market cap of $67.47 million, a PE ratio of -1.21 and a beta of 1.65.

Granite Point Mortgage Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 14.2%. The ex-dividend date was Wednesday, April 1st. Granite Point Mortgage Trust’s payout ratio is -17.24%.

Analyst Ratings Changes

Several analysts have issued reports on GPMT shares. Weiss Ratings restated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, April 21st. Keefe, Bruyette & Woods decreased their price objective on 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. Compass Point set a $2.05 price objective on Granite Point Mortgage Trust in a report on Friday, February 13th. Finally, Wall Street Zen lowered Granite Point Mortgage Trust from a “hold” rating to a “strong sell” rating in a report on Saturday, March 7th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $2.68.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. LPL Financial LLC acquired a new position in Granite Point Mortgage Trust in the fourth quarter worth $25,000. Advisory Services Network LLC acquired a new stake in Granite Point Mortgage Trust in the third quarter worth $26,000. B. Riley Wealth Advisors Inc. acquired a new stake in Granite Point Mortgage Trust in the second quarter worth $28,000. Jump Financial LLC acquired a new stake in shares of Granite Point Mortgage Trust during the second quarter worth about $31,000. Finally, Hudson Bay Capital Management LP bought a new stake in Granite Point Mortgage Trust in the 2nd quarter valued at $31,000. 51.63% of the stock is currently owned by institutional investors and hedge funds.

Granite Point Mortgage Trust Company Profile

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.