Granite Point Mortgage Trust (NYSE:GPMT) Posts Quarterly Earnings Results, Misses Expectations By $1.26 EPS

Granite Point Mortgage Trust (NYSE:GPMT) posted its quarterly earnings data on Thursday. The company reported ($1.99) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. The business had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.90 million.

Granite Point Mortgage Trust Trading Down 9.2 %

NYSE:GPMT traded down $0.30 during mid-day trading on Friday, hitting $2.90. The company had a trading volume of 930,066 shares, compared to its average volume of 296,007. The business has a fifty day simple moving average of $2.96 and a 200-day simple moving average of $2.96. Granite Point Mortgage Trust has a 1 year low of $2.46 and a 1 year high of $5.01. The firm has a market capitalization of $144.63 million, a price-to-earnings ratio of -0.75 and a beta of 1.86.

Granite Point Mortgage Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 6.91%. The ex-dividend date of this dividend was Tuesday, December 31st. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is presently -5.18%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on GPMT shares. UBS Group raised their price objective 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. Keefe, Bruyette & Woods raised Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $3.00 to $3.25 in a research report on Tuesday, December 10th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Granite Point Mortgage Trust in a research report on Friday, January 10th.

Granite Point Mortgage Trust Company Profile

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.