Granite Point Mortgage Trust (NYSE:GPMT) Posts Earnings Results, Beats Estimates By $0.10 EPS

Granite Point Mortgage Trust (NYSE:GPMT) posted its quarterly earnings results on Wednesday. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.10, FiscalAI reports. Granite Point Mortgage Trust had a negative net margin of 31.24% and a negative return on equity of 15.27%. The business had revenue of $10.55 million during the quarter, compared to the consensus estimate of $10.22 million.

Granite Point Mortgage Trust Stock Performance

Granite Point Mortgage Trust stock traded up $0.01 during mid-day trading on Friday, reaching $2.02. 158,641 shares of the company were exchanged, compared to its average volume of 203,038. The firm’s 50-day simple moving average is $2.38 and its two-hundred day simple moving average is $2.65. Granite Point Mortgage Trust has a twelve month low of $1.61 and a twelve month high of $3.16. The firm has a market cap of $95.53 million, a PE ratio of -1.75 and a beta of 1.71.

Granite Point Mortgage Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Tuesday, December 30th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, December 30th. This represents a $0.20 annualized dividend and a yield of 9.9%. Granite Point Mortgage Trust’s dividend payout ratio is currently -13.89%.

Analysts Set New Price Targets

GPMT has been the topic of a number of recent analyst reports. Compass Point set a $2.05 price objective on shares of Granite Point Mortgage Trust in a research report on Friday. Wall Street Zen raised Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Keefe, Bruyette & Woods cut their price target on Granite Point Mortgage Trust from $2.75 to $2.50 and set a “market perform” rating on the stock in a research note on Thursday, January 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Thursday, January 22nd. Finally, Zacks Research raised Granite Point Mortgage Trust to a “hold” rating in a research report on Friday, December 19th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $2.68.

Institutional Inflows and Outflows

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