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

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

Granite Point Mortgage Trust Stock Performance

NYSE GPMT traded up $0.10 on Thursday, hitting $3.17. 587,405 shares of the stock were exchanged, compared to its average volume of 342,379. The stock has a fifty day moving average price of $2.97 and a two-hundred day moving average price of $2.96. The firm has a market capitalization of $158.47 million, a P/E ratio of -0.82 and a beta of 1.86. Granite Point Mortgage Trust has a 52-week low of $2.46 and a 52-week high of $5.26.

Granite Point Mortgage Trust Announces Dividend

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

Wall Street Analysts Forecast Growth

GPMT has been the subject of a number of recent research reports. JMP Securities reissued a “market perform” rating on shares of Granite Point Mortgage Trust in a report on Friday, January 10th. UBS Group raised their target price on shares of Granite Point Mortgage Trust from $3.50 to $4.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, Keefe, Bruyette & Woods raised shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and raised their target price for the company from $3.00 to $3.25 in a report on Tuesday, December 10th.

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.