Claros Mortgage Trust (NYSE:CMTG) Releases Quarterly Earnings Results, Beats Expectations By $0.31 EPS

Key Points

• Claros Mortgage Trust beat quarterly expectations: EPS was a loss of $0.08 versus the forecast loss of $0.39, while revenue of $32.64 million exceeded the $24.25 million consensus.
• Analyst sentiment is broadly negative: MarketBeat reports a “Strong Sell” consensus and a $2.08 average price target; CMTG recently traded at $1.12, close to its 52-week low of $1.09.
• Company insiders bought 245,603 shares worth about $393,500 over the past 90 days, including purchases by the CFO and CEO.

Claros Mortgage Trust (NYSE:CMTG - Get Free Report) announced its quarterly earnings results on Tuesday. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.39) by $0.31, FiscalAI reports. The company had revenue of $32.64 million for the quarter, compared to the consensus estimate of $24.25 million. Claros Mortgage Trust had a negative return on equity of 19.70% and a negative net margin of 354.13%.

Claros Mortgage Trust Price Performance

CMTG stock traded down $0.01 during trading on Tuesday, reaching $1.12. The company had a trading volume of 452,610 shares, compared to its average volume of 626,576. Claros Mortgage Trust has a 52 week low of $1.09 and a 52 week high of $3.62. The company has a market cap of $158.72 million, a P/E ratio of -0.29 and a beta of 1.16. The business has a 50 day moving average of $1.35 and a 200 day moving average of $2.13.

Insider Activity

In other news, CFO Mike Mcgillis acquired 25,000 shares of the business's stock in a transaction on Thursday, August 6th. The shares were acquired at an average cost of $1.71 per share, with a total value of $42,750.00. Following the transaction, the chief financial officer owned 749,000 shares in the company, valued at $1,280,790. The trade was a 3.45% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Richard Mack bought 20,603 shares of Claros Mortgage Trust stock in a transaction on Friday, September 4th. The shares were purchased at an average price of $1.59 per share, for a total transaction of $32,758.77. Following the acquisition, the chief executive officer directly owned 3,110,911 shares in the company, valued at approximately $4,946,348.49. This trade represents a 0.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 245,603 shares of company stock valued at $393,509 over the last 90 days. 2.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CMTG. UBS Group began coverage on Claros Mortgage Trust in a research report on Thursday, July 16th. They issued a "neutral" rating and a $2.75 price objective on the stock. Keefe, Bruyette & Woods reduced their target price on Claros Mortgage Trust from $2.15 to $1.75 and set an "underperform" rating on the stock in a research note on Friday, October 9th. Weiss Ratings restated a "sell (e+)" rating on shares of Claros Mortgage Trust in a report on Friday. Wall Street Zen lowered Claros Mortgage Trust from a "hold" rating to a "strong sell" rating in a research note on Saturday, August 1st. Finally, Wells Fargo & Company dropped their price target on Claros Mortgage Trust from $2.50 to $1.75 and set an "underweight" rating for the company in a research note on Wednesday, August 5th. One analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Strong Sell" and a consensus target price of $2.08.

Claros Mortgage Trust Company Profile

Claros Mortgage Trust, Inc is a real estate investment trust focused on originating, acquiring and managing commercial real estate debt investments. The company primarily provides financing to owners and investors of commercial properties, with an emphasis on transitional assets that may require renovation, repositioning or lease-up before reaching stabilized operations.

Its investment portfolio has primarily consisted of senior and subordinate mortgage loans secured by commercial real estate, including multifamily, office, hotel, retail, industrial and mixed-use properties.

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