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. As of December 31, 2021, its investment portfolio includes 105 commercial real estate loan investments. Granite Point Mortgage Trust Inc. was founded in 2015 and is headquartered in New York, New York.
Granite Point Mortgage Trust Stock Performance
Shares of GPMT remained flat at $10.33 during trading hours on Friday. The stock had a trading volume of 141,233 shares, compared to its average volume of 238,108. The stock has a market capitalization of $556.37 million, a P/E ratio of 14.55 and a beta of 1.36. Granite Point Mortgage Trust has a 12 month low of $8.81 and a 12 month high of $14.32. The business's fifty day simple moving average is $10.07 and its two-hundred day simple moving average is $10.58.
Granite Point Mortgage Trust (NYSE:GPMT - Get Rating) last released its earnings results on Tuesday, May 10th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.02. Granite Point Mortgage Trust had a return on equity of 3.28% and a net margin of 23.50%. During the same quarter last year, the company posted $0.36 EPS. Analysts expect that Granite Point Mortgage Trust will post 0.61 EPS for the current fiscal year.
Granite Point Mortgage Trust Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Friday, July 1st were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 9.68%. The ex-dividend date of this dividend was Thursday, June 30th. Granite Point Mortgage Trust's dividend payout ratio (DPR) is presently 140.85%.
Analysts Set New Price Targets
GPMT has been the topic of a number of analyst reports. Credit Suisse Group dropped their price objective on Granite Point Mortgage Trust to $12.00 in a research note on Friday, July 22nd. JMP Securities dropped their price target on Granite Point Mortgage Trust from $15.00 to $13.00 and set a "market outperform" rating on the stock in a research note on Friday, June 17th.