Granite Point Mortgage Trust (NYSE:GPMT) Posts Quarterly Earnings Results, Misses Estimates By $0.14 EPS

Key Points

• Granite Point Mortgage Trust reported quarterly earnings of ($0.99) EPS, falling short of analysts' expectations of ($0.85) EPS by ($0.14), indicating financial challenges.
• The company declared a quarterly dividend of $0.05 per share, resulting in an annualized yield of 7.9%, though its dividend payout ratio is currently negative at -6.49%.
• Recent analyst updates include a raised target price from Keefe, Bruyette & Woods to $2.75 and a "buy" rating from UBS Group with a target price increase to $3.25.

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) issued its quarterly earnings data on Tuesday. The company reported ($0.99) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.85) by ($0.14), Zacks reports. Granite Point Mortgage Trust had a negative return on equity of 26.91% and a negative net margin of 59.38%. The firm had revenue of $8.05 million during the quarter, compared to analysts' expectations of $8.73 million.

Granite Point Mortgage Trust Price Performance

NYSE:GPMT traded down $0.03 during trading hours on Friday, hitting $2.83. 421,815 shares of the company were exchanged, compared to its average volume of 276,147. The stock has a market capitalization of $134.14 million, a price-to-earnings ratio of -1.33 and a beta of 1.76. Granite Point Mortgage Trust has a 52-week low of $1.61 and a 52-week high of $3.66. The company's 50 day moving average price is $2.55 and its 200-day moving average price is $2.51.

Granite Point Mortgage Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 7.1%. The ex-dividend date of this dividend was Tuesday, July 1st. Granite Point Mortgage Trust's payout ratio is currently -9.43%.

Insiders Place Their Bets

In related news, Director Lazar Nikolic bought 47,832 shares of the company's stock in a transaction on Wednesday, May 21st. The shares were bought at an average price of $2.50 per share, with a total value of $119,580.00. Following the transaction, the director owned 648,594 shares in the company, valued at approximately $1,621,485. This trade represents a 7.96% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last quarter, insiders have purchased 55,953 shares of company stock worth $138,197. 3.10% of the stock is currently owned by insiders.

Institutional Trading of Granite Point Mortgage Trust

An institutional investor recently raised its position in Granite Point Mortgage Trust stock. AQR Capital Management LLC raised its holdings in shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT - Free Report) by 473.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 156,518 shares of the company's stock after acquiring an additional 129,222 shares during the period. AQR Capital Management LLC owned approximately 0.32% of Granite Point Mortgage Trust worth $407,000 at the end of the most recent quarter. Institutional investors own 51.63% of the company's stock.

Analyst Upgrades and Downgrades

GPMT has been the topic of a number of analyst reports. UBS Group reaffirmed a "buy" rating and issued a $3.25 price objective (up previously from $2.50) on shares of Granite Point Mortgage Trust in a research report on Wednesday, May 21st. Wall Street Zen raised shares of Granite Point Mortgage Trust from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Granite Point Mortgage Trust from $2.25 to $2.75 and gave the stock a "market perform" rating in a research report on Thursday, July 10th.

Granite Point Mortgage Trust Company Profile

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.