Granite Point Mortgage Trust (NYSE:GPMT) Posts Quarterly Earnings Results, Misses Estimates By $1.26 EPS

Granite Point Mortgage Trust (NYSE:GPMT) posted its quarterly earnings data on Thursday. The company reported ($1.99) earnings per share for the quarter, missing the consensus estimate 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 Trading Down 9.2 %

Shares of GPMT opened at $2.90 on Friday. Granite Point Mortgage Trust has a one year low of $2.46 and a one year high of $5.01. The company has a 50-day moving average of $2.96 and a two-hundred day moving average of $2.96.

Granite Point Mortgage Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 6.91%. The ex-dividend date of this dividend was Tuesday, December 31st. Granite Point Mortgage Trust’s payout ratio is -5.18%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on GPMT. JMP Securities restated a “market perform” rating on shares of Granite Point Mortgage Trust in a research report on Friday, January 10th. UBS Group raised their price objective on shares of Granite Point Mortgage Trust from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Keefe, Bruyette & Woods upgraded shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and raised their target price for the stock 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.