Brokerages Expect Granite Point Mortgage Trust Inc (GPMT) Will Post Quarterly Sales of $22.96 Million

Equities research analysts forecast that Granite Point Mortgage Trust Inc (NYSE:GPMT) will announce $22.96 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for Granite Point Mortgage Trust’s earnings. The lowest sales estimate is $21.10 million and the highest is $24.81 million. The business is expected to report its next earnings results on Wednesday, May 2nd.

According to Zacks, analysts expect that Granite Point Mortgage Trust will report full-year sales of $22.96 million for the current financial year, with estimates ranging from $93.70 million to $113.70 million. For the next financial year, analysts forecast that the company will report sales of $128.70 million per share, with estimates ranging from $107.30 million to $150.10 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that that provide coverage for Granite Point Mortgage Trust.

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Granite Point Mortgage Trust (NYSE:GPMT) last issued its earnings results on Wednesday, February 7th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). The business had revenue of $37.06 million for the quarter, compared to analyst estimates of $22.27 million.

Several research analysts have issued reports on the stock. Raymond James Financial assumed coverage on shares of Granite Point Mortgage Trust in a report on Tuesday, March 27th. They issued a “strong-buy” rating and a $21.00 target price for the company. Citigroup assumed coverage on shares of Granite Point Mortgage Trust in a report on Tuesday, March 27th. They issued a “neutral” rating and a $19.00 target price for the company. Finally, Zacks Investment Research raised shares of Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a report on Friday, March 2nd. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $19.69.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hilton Capital Management LLC purchased a new position in shares of Granite Point Mortgage Trust during the fourth quarter valued at approximately $881,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new position in shares of Granite Point Mortgage Trust during the fourth quarter valued at approximately $179,000. ICM Asset Management Inc. WA purchased a new position in shares of Granite Point Mortgage Trust during the fourth quarter valued at approximately $259,000. MetLife Investment Advisors LLC purchased a new position in shares of Granite Point Mortgage Trust during the fourth quarter valued at approximately $351,000. Finally, Element Capital Management LLC purchased a new position in shares of Granite Point Mortgage Trust during the fourth quarter valued at approximately $1,089,000. 66.87% of the stock is owned by hedge funds and other institutional investors.

Shares of Granite Point Mortgage Trust stock opened at $16.86 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 37.88 and a current ratio of 37.88. Granite Point Mortgage Trust has a 52-week low of $16.15 and a 52-week high of $19.30.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 18th. Stockholders of record on Thursday, March 29th will be issued a dividend of $0.38 per share. The ex-dividend date is Wednesday, March 28th. This represents a $1.52 annualized dividend and a dividend yield of 9.02%.

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About Granite Point Mortgage Trust

Granite Point Mortgage Trust Inc is focused primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt, such as commercial real estate investments. The Company formed to continue and expand the commercial real estate lending business. The Company is a long-term, fundamental value-oriented investor.

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