Granite Point Mortgage Trust (NYSE:GPMT) Releases Quarterly Earnings Results, Misses Estimates By $0.40 EPS

Key Points

• Granite Point Mortgage Trust reported a quarterly EPS loss of $0.79, missing the consensus estimate of a $0.39 loss by $0.40. Revenue totaled $8.27 million, slightly above the $7.85 million estimate.
• Shares rose 3.5% to $1.51 after the results, while the company maintained a quarterly dividend of $0.05, equivalent to a 13.2% annualized yield.
• Analyst sentiment remains cautious: the stock has a consensus rating of “Reduce”, with a $1.83 average price target, and recent coverage includes neutral and sell ratings.

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) released its quarterly earnings results on Wednesday. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.40), FiscalAI reports. Granite Point Mortgage Trust had a negative return on equity of 11.31% and a negative net margin of 29.82%.The company had revenue of $8.27 million for the quarter, compared to the consensus estimate of $7.85 million.

Granite Point Mortgage Trust Stock Up 3.5%

Granite Point Mortgage Trust stock traded up $0.05 during mid-day trading on Wednesday, reaching $1.51. 270,095 shares of the company's stock traded hands, compared to its average volume of 126,580. The company has a market cap of $72.41 million, a price-to-earnings ratio of -1.41 and a beta of 1.61. The stock has a 50 day moving average of $1.42 and a two-hundred day moving average of $1.59. Granite Point Mortgage Trust has a 12-month low of $1.24 and a 12-month high of $3.12.

Granite Point Mortgage Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were paid a $0.05 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $0.20 annualized dividend and a yield of 13.2%. Granite Point Mortgage Trust's payout ratio is presently -18.69%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. UBS Group began coverage on Granite Point Mortgage Trust in a research report on Thursday, July 16th. They issued a "neutral" rating and a $1.50 price objective for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Granite Point Mortgage Trust in a report on Friday, July 17th. Wall Street Zen downgraded Granite Point Mortgage Trust from a "hold" rating to a "sell" rating in a report on Saturday, June 6th. Finally, Compass Point set a $1.50 price objective on Granite Point Mortgage Trust in a research note on Monday, May 11th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Reduce" and a consensus target price of $1.83.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in GPMT. MetLife Investment Management LLC boosted its holdings in shares of Granite Point Mortgage Trust by 68.3% in the 1st quarter. MetLife Investment Management LLC now owns 21,334 shares of the company's stock valued at $55,000 after buying an additional 8,658 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Granite Point Mortgage Trust by 435.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 26,989 shares of the company's stock worth $67,000 after buying an additional 21,948 shares during the period. OMERS ADMINISTRATION Corp acquired a new stake in Granite Point Mortgage Trust in the 4th quarter worth about $85,000. Eagle Point Credit Management LLC acquired a new stake in shares of Granite Point Mortgage Trust in the fourth quarter valued at about $194,000. Finally, Bank of America Corp DE increased its holdings in shares of Granite Point Mortgage Trust by 32.1% in the third quarter. Bank of America Corp DE now owns 66,148 shares of the company's stock valued at $198,000 after purchasing an additional 16,089 shares during the last quarter. Hedge funds and other institutional investors own 51.63% of the company's stock.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust, Inc is a specialty finance company that invests directly in commercial real estate debt. The company focuses on originating, acquiring and managing senior preferred and mezzanine loans secured by income-producing real estate across diverse property types, including multifamily, office, industrial and retail assets. Granite Point Mortgage Trust operates as a real estate investment trust (REIT), providing investors with exposure to floating-rate commercial mortgage loan investments.

Granite Point's investment strategy centers on structuring loans to deliver attractive risk-adjusted returns, with portfolio allocations spanning senior loans, B-notes and mezzanine financings.

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