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

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

Granite Point Mortgage Trust Stock Up 3.5%

Granite Point Mortgage Trust stock traded up $0.05 during trading hours on Wednesday, hitting $1.51. 270,095 shares of the company traded hands, compared to its average volume of 126,580. The firm has a market cap of $72.41 million, a P/E ratio of -1.41 and a beta of 1.61. Granite Point Mortgage Trust has a 1-year low of $1.24 and a 1-year high of $3.12. The firm’s 50-day simple moving average is $1.42 and its two-hundred day simple moving average is $1.59.

Granite Point Mortgage Trust Dividend Announcement

The firm 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 of this dividend was Wednesday, July 1st. This represents a $0.20 annualized dividend and a dividend yield of 13.2%. Granite Point Mortgage Trust’s dividend payout ratio is presently -18.69%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on GPMT shares. Wall Street Zen cut shares of Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Friday, July 17th. Compass Point set a $1.50 price target on Granite Point Mortgage Trust in a research report on Monday, May 11th. Finally, UBS Group assumed coverage on Granite Point Mortgage Trust in a research report on Thursday, July 16th. They set a “neutral” rating and a $1.50 price target for the company. 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 presently has a consensus rating of “Reduce” and an average target price of $1.83.

Institutional Investors Weigh In On Granite Point Mortgage Trust

A number of institutional investors and hedge funds have recently modified their holdings of GPMT. LPL Financial LLC purchased a new position in Granite Point Mortgage Trust during the 4th quarter worth approximately $25,000. Advisory Services Network LLC acquired a new stake in Granite Point Mortgage Trust in the third quarter valued at approximately $26,000. B. Riley Wealth Advisors Inc. bought a new stake in Granite Point Mortgage Trust in the second quarter worth $28,000. Jump Financial LLC bought a new position in shares of Granite Point Mortgage Trust in the 2nd quarter valued at approximately $31,000. Finally, Hudson Bay Capital Management LP acquired a new stake in shares of Granite Point Mortgage Trust in the second quarter worth $31,000. 51.63% of the stock is owned by institutional investors and hedge funds.

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.