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

Granite Point Mortgage Trust (NYSE:GPMT) released its quarterly earnings data on Tuesday. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.13, FiscalAI reports. Granite Point Mortgage Trust had a negative return on equity of 15.52% and a negative net margin of 31.24%.The firm had revenue of $11.22 million during the quarter, compared to analyst estimates of $7.40 million.

Granite Point Mortgage Trust Stock Performance

Shares of NYSE:GPMT traded up $0.06 during midday trading on Wednesday, reaching $1.48. 70,663 shares of the company’s stock were exchanged, compared to its average volume of 186,650. Granite Point Mortgage Trust has a 12 month low of $1.24 and a 12 month high of $3.12. The firm has a market capitalization of $70.92 million, a PE ratio of -1.26 and a beta of 1.65. The company’s 50 day simple moving average is $1.54 and its two-hundred day simple moving average is $2.15.

Granite Point Mortgage Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 13.5%. The ex-dividend date of this dividend was Wednesday, April 1st. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is presently -17.24%.

Analyst Ratings Changes

GPMT has been the topic of several analyst reports. Compass Point set a $2.05 price objective on Granite Point Mortgage Trust in a research note on Friday, February 13th. Wall Street Zen cut shares of Granite Point Mortgage Trust from a “hold” rating to a “strong sell” rating in a research note on Saturday, March 7th. Keefe, Bruyette & Woods decreased their price target on shares of Granite Point Mortgage Trust from $2.75 to $2.50 and set a “market perform” rating for the company in a research report on Thursday, January 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $2.68.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. LPL Financial LLC acquired a new stake in Granite Point Mortgage Trust during the 4th quarter valued at approximately $25,000. Advisory Services Network LLC purchased a new position in Granite Point Mortgage Trust during the 3rd quarter valued at $26,000. B. Riley Wealth Advisors Inc. acquired a new position in Granite Point Mortgage Trust during the 2nd quarter valued at about $28,000. Jump Financial LLC acquired a new stake in shares of Granite Point Mortgage Trust in the second quarter valued at approximately $31,000. Finally, Hudson Bay Capital Management LP acquired a new stake in Granite Point Mortgage Trust during the second quarter worth $31,000. Institutional investors own 51.63% of the company’s stock.

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.