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

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

Granite Point Mortgage Trust Price Performance

NYSE:GPMT opened at $2.90 on Friday. Granite Point Mortgage Trust has a 12 month low of $2.46 and a 12 month high of $5.01. The company’s 50 day moving average is $2.96 and its 200-day moving average is $2.96.

Granite Point Mortgage Trust Dividend Announcement

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

Wall Street Analysts Forecast Growth

GPMT has been the topic of several recent research reports. Keefe, Bruyette & Woods raised shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and raised their price objective for the company from $3.00 to $3.25 in a research report on Tuesday, December 10th. JMP Securities reaffirmed a “market perform” rating on shares of Granite Point Mortgage Trust in a research report on Friday, January 10th. Finally, 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.

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.