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

Granite Point Mortgage Trust (NYSE:GPMT) posted its earnings results on Thursday. The company reported ($1.99) EPS for the quarter, missing the consensus estimate of ($0.73) by ($1.26), Zacks reports. Granite Point Mortgage Trust had a positive return on equity of 0.95% and a negative net margin of 87.21%.

Granite Point Mortgage Trust Stock Performance

Shares of Granite Point Mortgage Trust stock traded up $0.10 on Thursday, reaching $3.17. The stock had a trading volume of 587,445 shares, compared to its average volume of 342,414. The business’s 50-day moving average price is $2.97 and its two-hundred day moving average price is $2.96. Granite Point Mortgage Trust has a fifty-two week low of $2.46 and a fifty-two week high of $5.26. The stock has a market cap of $158.47 million, a P/E ratio of -0.82 and a beta of 1.86.

Granite Point Mortgage Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 6.31%. The ex-dividend date was Tuesday, December 31st. Granite Point Mortgage Trust’s payout ratio is -5.18%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Keefe, Bruyette & Woods raised shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and boosted their target price for the stock from $3.00 to $3.25 in a research report on Tuesday, December 10th. JMP Securities reissued a “market perform” rating on shares of Granite Point Mortgage Trust in a research report on Friday, January 10th. Finally, UBS Group boosted their target price on shares of Granite Point Mortgage Trust from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Friday, November 15th.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust Inc, a real estate investment trust, originates, invests in, and manages senior floating-rate commercial mortgage loans, and other debt and debt-like commercial real estate investments in the United States. The company provides intermediate-term bridge or transitional financing for various purposes, including acquisitions, recapitalizations, and refinancing, as well as a range of business plans, including lease-up, renovation, repositioning, and repurposing of the commercial property.