Granite Point Mortgage Trust (NYSE:GPMT) Posts Quarterly Earnings Results, Misses Expectations By $3.05 EPS

Granite Point Mortgage Trust (NYSE:GPMT) posted its earnings results on Wednesday. The company reported ($6.99) earnings per share for the quarter, missing the consensus estimate of ($3.94) by ($3.05), FiscalAI reports. The firm had revenue of $3.49 million during the quarter, compared to the consensus estimate of $5.90 million. Granite Point Mortgage Trust had a negative return on equity of 10.25% and a negative net margin of 73.75%.

Granite Point Mortgage Trust Price Performance

Shares of Granite Point Mortgage Trust stock traded up $0.17 during trading on Wednesday, hitting $4.62. 19,007 shares of the company were exchanged, compared to its average volume of 48,148. The firm has a market capitalization of $22.24 million, a P/E ratio of -0.23 and a beta of 1.74. Granite Point Mortgage Trust has a 1-year low of $4.18 and a 1-year high of $28.50. The firm’s fifty day moving average price is $7.55 and its 200 day moving average price is $13.51.

Granite Point Mortgage Trust Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Thursday, October 1st were issued a $0.01 dividend. This is a drop from Granite Point Mortgage Trust’s previous quarterly dividend of $0.05. This represents a $0.04 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Thursday, October 1st. Granite Point Mortgage Trust’s dividend payout ratio is currently -1.99%.

Analyst Ratings Changes

GPMT has been the topic of a number of recent research reports. Keefe, Bruyette & Woods decreased their price objective on Granite Point Mortgage Trust from $15.00 to $12.50 and set a “market perform” rating on the stock in a research report on Wednesday, August 12th. Zacks Research upgraded Granite Point Mortgage Trust from a “strong sell” rating to a “hold” rating in a research report on Friday, October 9th. UBS Group assumed coverage on Granite Point Mortgage Trust in a research note on Thursday, July 16th. They set a “neutral” rating and a $15.00 price target on the stock. Compass Point set a $12.50 price target on Granite Point Mortgage Trust in a report on Wednesday, August 12th. Finally, Weiss Ratings lowered Granite Point Mortgage Trust from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, October 8th. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $13.33.

Granite Point Mortgage Trust Company Profile

Granite Point Mortgage Trust Inc is a real estate investment trust that focuses on commercial real estate finance. The company originates, acquires and manages commercial real estate debt investments, with an emphasis on floating-rate, senior mortgage loans secured by properties in major U.S. markets.

Its investments generally support transitional commercial properties, including office, multifamily, industrial, hotel, retail and mixed-use assets. Granite Point typically provides financing to property owners and investors seeking capital for acquisitions, renovations, repositioning or other business plans intended to enhance a property’s value.

Granite Point was established in 2015 and became a publicly traded company in 2017.