Granite Point Mortgage Trust (NYSE:GPMT) Posts Earnings Results, Beats Expectations By $0.13 EPS

Granite Point Mortgage Trust (NYSE:GPMT) issued its quarterly earnings results on Tuesday. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.13, FiscalAI reports. Granite Point Mortgage Trust had a negative net margin of 31.24% and a negative return on equity of 15.52%. The firm had revenue of $11.22 million for the quarter, compared to analyst estimates of $7.40 million.

Granite Point Mortgage Trust Stock Performance

Shares of NYSE GPMT traded down $0.00 during midday trading on Tuesday, reaching $1.41. The company’s stock had a trading volume of 324,236 shares, compared to its average volume of 120,028. The company has a market cap of $67.47 million, a P/E ratio of -1.21 and a beta of 1.65. The business’s 50 day moving average price is $1.54 and its two-hundred day moving average price is $2.15. Granite Point Mortgage Trust has a fifty-two week low of $1.24 and a fifty-two week high of $3.12.

Granite Point Mortgage Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $0.20 annualized dividend and a dividend yield of 14.2%. Granite Point Mortgage Trust’s dividend payout ratio (DPR) is currently -17.24%.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. LPL Financial LLC acquired a new stake in shares of Granite Point Mortgage Trust during the 4th quarter worth $25,000. Advisory Services Network LLC acquired a new position in Granite Point Mortgage Trust in the third quarter valued at about $26,000. B. Riley Wealth Advisors Inc. acquired a new position in Granite Point Mortgage Trust in the second quarter valued at about $28,000. Jump Financial LLC bought a new stake in Granite Point Mortgage Trust during the second quarter worth about $31,000. Finally, Hudson Bay Capital Management LP acquired a new stake in Granite Point Mortgage Trust during the second quarter worth about $31,000. 51.63% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research note on Tuesday, April 21st. Wall Street Zen cut Granite Point Mortgage Trust from a “hold” rating to a “strong sell” rating in a report on Saturday, March 7th. Compass Point set a $2.05 target price on Granite Point Mortgage Trust in a research note on Friday, February 13th. Finally, Keefe, Bruyette & Woods reduced their price target on Granite Point Mortgage Trust from $2.75 to $2.50 and set a “market perform” rating for the company in a research note on Thursday, January 8th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.68.

Granite Point Mortgage Trust Company Profile

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.