Granite Point Mortgage Trust (NYSE:GPMT) Posts Earnings Results

Granite Point Mortgage Trust (NYSE:GPMT) announced its quarterly earnings results on Wednesday. The company reported ($6.99) earnings per share for the quarter, missing analysts’ consensus estimates of ($3.94) by ($3.05), FiscalAI reports. The company had revenue of $3.49 million during the quarter, compared to analyst estimates of $5.90 million. Granite Point Mortgage Trust had a negative return on equity of 13.33% and a negative net margin of 143.60%.

Granite Point Mortgage Trust Stock Performance

Shares of Granite Point Mortgage Trust stock traded down $0.41 during trading on Friday, reaching $3.33. The company’s stock had a trading volume of 66,024 shares, compared to its average volume of 23,135. The business’s fifty day moving average price is $7.42 and its 200-day moving average price is $13.40. The firm has a market cap of $16.03 million, a price-to-earnings ratio of -0.10 and a beta of 1.74. Granite Point Mortgage Trust has a one year low of $3.30 and a one year high of $28.40.

Granite Point Mortgage Trust Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st were given a $0.01 dividend. This is a decrease from Granite Point Mortgage Trust’s previous quarterly dividend of $0.05. This represents a $0.04 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Thursday, October 1st. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is -1.99%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GPMT. Zacks Research raised Granite Point Mortgage Trust from a “strong sell” rating to a “hold” rating in a research note on Friday, October 9th. Keefe, Bruyette & Woods decreased their target price on Granite Point Mortgage Trust from $15.00 to $12.50 and set a “market perform” rating for the company in a research report on Wednesday, August 12th. UBS Group began coverage on Granite Point Mortgage Trust in a report on Thursday, July 16th. They set a “neutral” rating and a $15.00 price target on the stock. Wall Street Zen lowered shares of Granite Point Mortgage Trust to a “strong sell” rating in a research report on Saturday, August 15th. Finally, Weiss Ratings lowered shares of Granite Point Mortgage Trust from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, October 8th. Three 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, the company currently has a consensus rating of “Reduce” and an average target price of $13.33.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust Inc is a real estate investment trust that focuses on commercial real estate finance. The company originates, acquires and manages commercial real estate debt investments, with an emphasis on floating-rate, senior mortgage loans secured by properties in major U.S. markets.

Its investments generally support transitional commercial properties, including office, multifamily, industrial, hotel, retail and mixed-use assets. Granite Point typically provides financing to property owners and investors seeking capital for acquisitions, renovations, repositioning or other business plans intended to enhance a property’s value.

Granite Point was established in 2015 and became a publicly traded company in 2017.