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

Granite Point Mortgage Trust (NYSE:GPMT) released its quarterly earnings data on Wednesday. The company reported ($6.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($3.94) by ($3.05), FiscalAI reports. Granite Point Mortgage Trust had a negative net margin of 73.75% and a negative return on equity of 10.25%. The company had revenue of $3.49 million for the quarter, compared to the consensus estimate of $5.90 million.

Granite Point Mortgage Trust Stock Performance

NYSE:GPMT traded up $0.17 during mid-day trading on Wednesday, reaching $4.62. The stock had a trading volume of 19,007 shares, compared to its average volume of 48,148. The firm has a 50 day moving average price of $7.55 and a two-hundred day moving average price of $13.51. The stock has a market capitalization of $22.24 million, a P/E ratio of -0.23 and a beta of 1.74. Granite Point Mortgage Trust has a one year low of $4.18 and a one year high of $28.50.

Granite Point Mortgage Trust Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Thursday, October 1st were given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Thursday, October 1st. This is a negative change from Granite Point Mortgage Trust’s previous quarterly dividend of $0.05. Granite Point Mortgage Trust’s dividend payout ratio is presently -1.99%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on GPMT shares. Weiss Ratings cut shares of Granite Point Mortgage Trust from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, October 8th. UBS Group assumed coverage on shares of Granite Point Mortgage Trust in a report on Thursday, July 16th. They issued a “neutral” rating and a $15.00 price target on the stock. Compass Point set a $12.50 price objective on shares of Granite Point Mortgage Trust in a research report on Wednesday, August 12th. Keefe, Bruyette & Woods dropped their price objective on shares of Granite Point Mortgage Trust from $15.00 to $12.50 and set a “market perform” rating for the company in a report on Wednesday, August 12th. Finally, Wall Street Zen lowered shares of Granite Point Mortgage Trust to a “strong sell” rating in a research report on Saturday, August 15th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target 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.