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

Granite Point Mortgage Trust (NYSE:GPMT) issued its quarterly earnings results on Wednesday. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.40), FiscalAI reports. The company had revenue of $8.27 million for the quarter, compared to analyst estimates of $7.85 million. Granite Point Mortgage Trust had a negative net margin of 73.75% and a negative return on equity of 9.88%.

Granite Point Mortgage Trust Price Performance

NYSE GPMT traded up $0.01 on Friday, reaching $1.26. The stock had a trading volume of 70,876 shares, compared to its average volume of 177,111. The firm has a fifty day moving average of $1.41 and a two-hundred day moving average of $1.58. Granite Point Mortgage Trust has a 1-year low of $1.23 and a 1-year high of $3.12. The company has a market cap of $60.62 million, a P/E ratio of -0.63 and a beta of 1.61.

Granite Point Mortgage Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 15.8%. The ex-dividend date of this dividend was Wednesday, July 1st. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is presently -18.69%.

Analyst Ratings Changes

GPMT has been the subject of a number of recent analyst reports. UBS Group began coverage on shares of Granite Point Mortgage Trust in a research note on Thursday, July 16th. They issued a “neutral” rating and a $1.50 price target for the company. Compass Point set a $1.50 target price on shares of Granite Point Mortgage Trust in a report on Monday, May 11th. Wall Street Zen cut Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a report on Friday, July 17th. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $1.83.

Hedge Funds Weigh In On Granite Point Mortgage Trust

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

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.