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

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

Granite Point Mortgage Trust Trading Down 6.5 %

GPMT stock traded down $0.21 during midday trading on Friday, hitting $2.98. 85,214 shares of the company’s stock were exchanged, compared to its average volume of 331,507. The business has a 50-day simple moving average of $2.97 and a two-hundred day simple moving average of $2.97. The stock has a market capitalization 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.

Granite Point Mortgage Trust Announces Dividend

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

Analyst Ratings Changes

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