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

Granite Point Mortgage Trust (NYSE:GPMT) announced its quarterly earnings results on Thursday. The company reported ($1.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.73) by ($1.26), Zacks reports. Granite Point Mortgage Trust had a positive return on equity of 0.95% and a negative net margin of 87.21%.

Granite Point Mortgage Trust Stock Down 6.5 %

GPMT stock traded down $0.21 during trading on Friday, hitting $2.98. The company had a trading volume of 85,214 shares, compared to its average volume of 331,507. The firm has a market cap of $149.08 million, a PE ratio of -0.78 and a beta of 1.86. Granite Point Mortgage Trust has a 1-year low of $2.46 and a 1-year high of $5.01. The firm has a 50-day moving average price of $2.97 and a 200-day moving average price of $2.97.

Granite Point Mortgage Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 6.70%. The ex-dividend date was Tuesday, December 31st. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is presently -5.18%.

Analysts Set New Price Targets

GPMT has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods raised Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and lifted their price target for the stock from $3.00 to $3.25 in a report on Tuesday, December 10th. UBS Group lifted their price target on Granite Point Mortgage Trust from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, JMP Securities reiterated a “market perform” rating on shares of Granite Point Mortgage Trust in a research report on Friday, January 10th.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust Inc, a real estate investment trust, originates, invests in, and manages senior floating-rate commercial mortgage loans, and other debt and debt-like commercial real estate investments in the United States. The company provides intermediate-term bridge or transitional financing for various purposes, including acquisitions, recapitalizations, and refinancing, as well as a range of business plans, including lease-up, renovation, repositioning, and repurposing of the commercial property.