Granite Point Mortgage Trust (NYSE:GPMT) Announces Earnings Results, Beats Expectations By $0.10 EPS

Granite Point Mortgage Trust (NYSE:GPMT) released its quarterly earnings results on Wednesday. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.10, FiscalAI reports. Granite Point Mortgage Trust had a negative net margin of 31.24% and a negative return on equity of 15.27%. The business had revenue of $10.55 million during the quarter, compared to analysts’ expectations of $10.22 million.

Granite Point Mortgage Trust Price Performance

Shares of NYSE:GPMT traded up $0.02 during mid-day trading on Friday, reaching $2.03. 154,092 shares of the company traded hands, compared to its average volume of 203,038. The company’s 50 day moving average price is $2.38 and its 200-day moving average price is $2.65. The firm has a market cap of $96.01 million, a PE ratio of -1.75 and a beta of 1.71. Granite Point Mortgage Trust has a 52 week low of $1.61 and a 52 week high of $3.16.

Granite Point Mortgage Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Tuesday, December 30th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 9.9%. The ex-dividend date of this dividend was Tuesday, December 30th. Granite Point Mortgage Trust’s payout ratio is presently -13.89%.

Hedge Funds Weigh In On Granite Point Mortgage Trust

A number of hedge funds have recently modified their holdings of the company. Bank of America Corp DE increased its position in shares of Granite Point Mortgage Trust by 32.1% during the 3rd quarter. Bank of America Corp DE now owns 66,148 shares of the company’s stock valued at $198,000 after purchasing an additional 16,089 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Granite Point Mortgage Trust by 435.4% in the second quarter. Tower Research Capital LLC TRC now owns 26,989 shares of the company’s stock worth $67,000 after purchasing an additional 21,948 shares during the last quarter. Brevan Howard Capital Management LP bought a new stake in Granite Point Mortgage Trust in the second quarter worth about $230,000. Qube Research & Technologies Ltd grew its stake in shares of Granite Point Mortgage Trust by 948.9% during the second quarter. Qube Research & Technologies Ltd now owns 141,808 shares of the company’s stock valued at $350,000 after buying an additional 128,288 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Granite Point Mortgage Trust by 473.4% in the first quarter. AQR Capital Management LLC now owns 156,518 shares of the company’s stock worth $407,000 after buying an additional 129,222 shares during the period. 51.63% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on GPMT. Weiss Ratings restated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a report on Thursday, January 22nd. Wall Street Zen raised shares of Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Keefe, Bruyette & Woods lowered their price objective on shares of Granite Point Mortgage Trust from $2.75 to $2.50 and set a “market perform” rating for the company in a report on Thursday, January 8th. Zacks Research raised Granite Point Mortgage Trust to a “hold” rating in a research report on Friday, December 19th. Finally, Compass Point set a $2.05 target price on Granite Point Mortgage Trust in a research note on Friday. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Granite Point Mortgage Trust currently has a consensus rating of “Hold” and a consensus target price of $2.68.

About Granite Point Mortgage Trust

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.