Granite Point Mortgage Trust (NYSE:GPMT) Releases Earnings Results, Beats Expectations By $0.13 EPS

Granite Point Mortgage Trust (NYSE:GPMT) released its quarterly earnings results on Tuesday. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.13, FiscalAI reports. Granite Point Mortgage Trust had a negative net margin of 29.82% and a negative return on equity of 11.17%. The business had revenue of $11.22 million for the quarter, compared to analyst estimates of $7.40 million.

Granite Point Mortgage Trust Stock Up 4.7%

GPMT traded up $0.07 during midday trading on Thursday, hitting $1.56. The company had a trading volume of 102,612 shares, compared to its average volume of 186,089. Granite Point Mortgage Trust has a 52 week low of $1.24 and a 52 week high of $3.12. The company has a market capitalization of $74.76 million, a price-to-earnings ratio of -1.46 and a beta of 1.65. The stock’s 50 day moving average price is $1.54 and its 200 day moving average price is $2.14.

Granite Point Mortgage Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 12.8%. The ex-dividend date of this dividend was Wednesday, April 1st. Granite Point Mortgage Trust’s payout ratio is -17.24%.

Institutional Investors Weigh In On Granite Point Mortgage Trust

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

Analysts Set New Price Targets

A number of research firms recently commented on GPMT. Compass Point set a $2.05 price target on shares of Granite Point Mortgage Trust in a research report on Friday, February 13th. Keefe, Bruyette & Woods cut their target price on shares of Granite Point Mortgage Trust from $2.75 to $2.50 and set a “market perform” rating on the stock in a research report on Thursday, January 8th. Wall Street Zen lowered shares of Granite Point Mortgage Trust from a “hold” rating to a “strong sell” rating in a research report on Saturday, March 7th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $2.68.

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.