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

by · The Markets Daily

Granite Point Mortgage Trust (NYSE:GPMT – Get Free Report) released its quarterly earnings data on Wednesday. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.10, FiscalAI reports. Granite Point Mortgage Trust had a negative net margin of 39.73% and a negative return on equity of 30.39%.

Granite Point Mortgage Trust Stock Performance

GPMT stock traded down $0.04 during midday trading on Wednesday, reaching $2.26. 150,432 shares of the company traded hands, compared to its average volume of 187,191. The firm has a market capitalization of $106.90 million, a price-to-earnings ratio of -1.57 and a beta of 1.71. Granite Point Mortgage Trust has a 52-week low of $1.61 and a 52-week high of $3.19. The business has a 50 day moving average of $2.40 and a 200-day moving average of $2.66.

Granite Point Mortgage Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Tuesday, December 30th were given a dividend of $0.05 per share. The ex-dividend date was Tuesday, December 30th. This represents a $0.20 dividend on an annualized basis and a yield of 8.9%. Granite Point Mortgage Trust’s dividend payout ratio is -13.89%.

Institutional Trading of Granite Point Mortgage Trust

Hedge funds and other institutional investors have recently bought and sold shares of the stock. LPL Financial LLC bought a new stake in Granite Point Mortgage Trust in the fourth quarter worth $25,000. Advisory Services Network LLC purchased a new stake in shares of Granite Point Mortgage Trust in the third quarter valued at $26,000. Susquehanna International Group LLP lifted its holdings in shares of Granite Point Mortgage Trust by 15.4% in the 3rd quarter. Susquehanna International Group LLP now owns 307,963 shares of the company’s stock worth $924,000 after acquiring an additional 41,016 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Granite Point Mortgage Trust by 32.1% in the 3rd quarter. Bank of America Corp DE now owns 66,148 shares of the company’s stock worth $198,000 after acquiring an additional 16,089 shares during the last quarter. Finally, Two Sigma Investments LP purchased a new position in shares of Granite Point Mortgage Trust during the 3rd quarter worth about $560,000. Hedge funds and other institutional investors own 51.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on GPMT shares. Keefe, Bruyette & Woods reduced their price target on shares of Granite Point Mortgage Trust from $2.75 to $2.50 and set a “market perform” rating on the stock in a report on Thursday, January 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Thursday, January 22nd. Zacks Research upgraded Granite Point Mortgage Trust to a “hold” rating in a research report on Friday, December 19th. Wall Street Zen raised Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Compass Point set a $2.50 price target on Granite Point Mortgage Trust in a report on Thursday, January 8th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Granite Point Mortgage Trust has a consensus rating of “Hold” and an average price target of $2.83.

Get Our Latest Report on Granite Point Mortgage Trust

Granite Point Mortgage Trust Company Profile

(Get Free Report)

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.

See Also