Claros Mortgage Trust (NYSE:CMTG) Releases Earnings Results, Beats Expectations By $0.31 EPS

Claros Mortgage Trust (NYSE:CMTG) released its earnings results on Tuesday. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.31, FiscalAI reports. The firm had revenue of $32.64 million for the quarter, compared to the consensus estimate of $24.25 million. Claros Mortgage Trust had a negative net margin of 354.13% and a negative return on equity of 19.70%.

Claros Mortgage Trust Stock Down 1.3%

Shares of NYSE:CMTG traded down $0.01 on Tuesday, hitting $1.12. 452,610 shares of the company traded hands, compared to its average volume of 626,576. Claros Mortgage Trust has a 52 week low of $1.09 and a 52 week high of $3.62. The stock has a 50 day simple moving average of $1.35 and a 200-day simple moving average of $2.13. The company has a market cap of $158.72 million, a PE ratio of -0.29 and a beta of 1.16.

Analyst Upgrades and Downgrades

Several research firms recently commented on CMTG. Wells Fargo & Company dropped their price objective on shares of Claros Mortgage Trust from $2.50 to $1.75 and set an “underweight” rating on the stock in a research note on Wednesday, August 5th. Wall Street Zen downgraded shares of Claros Mortgage Trust from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 1st. UBS Group started coverage on shares of Claros Mortgage Trust in a report on Thursday, July 16th. They set a “neutral” rating and a $2.75 target price for the company. Keefe, Bruyette & Woods dropped their price target on Claros Mortgage Trust from $2.15 to $1.75 and set an “underperform” rating on the stock in a research report on Friday, October 9th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Claros Mortgage Trust in a research report on Friday. One equities research analyst has rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Claros Mortgage Trust has a consensus rating of “Strong Sell” and an average price target of $2.08.

Insider Transactions at Claros Mortgage Trust

In other news, CEO Richard Mack purchased 200,000 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The shares were bought at an average price of $1.59 per share, for a total transaction of $318,000.00. Following the purchase, the chief executive officer directly owned 3,090,308 shares in the company, valued at approximately $4,913,589.72. This trade represents a 6.92% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mike Mcgillis acquired 25,000 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The shares were purchased at an average cost of $1.71 per share, for a total transaction of $42,750.00. Following the completion of the transaction, the chief financial officer directly owned 749,000 shares in the company, valued at $1,280,790. The trade was a 3.45% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders purchased 245,603 shares of company stock worth $393,509. 2.60% of the stock is currently owned by company insiders.

Claros Mortgage Trust Company Profile

Claros Mortgage Trust, Inc is a real estate investment trust focused on originating, acquiring and managing commercial real estate debt investments. The company primarily provides financing to owners and investors of commercial properties, with an emphasis on transitional assets that may require renovation, repositioning or lease-up before reaching stabilized operations.

Its investment portfolio has primarily consisted of senior and subordinate mortgage loans secured by commercial real estate, including multifamily, office, hotel, retail, industrial and mixed-use properties.