Granite Point Mortgage Trust (GPMT) Matches Q2 Earnings Estimates


Granite Point Mortgage Trust (GPMT) got here out with quarterly earnings of $0.22 per share, in keeping with the Zacks Consensus Estimate. This compares to earnings of $0.27 per share a 12 months in the past. These figures are adjusted for non-recurring objects.

1 / 4 in the past, it was anticipated that this actual property funding belief would put up earnings of $0.03 per share when it really produced earnings of $0.05, delivering a shock of 66.67%.

Over the final 4 quarters, the corporate has surpassed consensus EPS estimates simply as soon as.

Granite Point Mortgage Trust, which belongs to the Zacks REIT and Equity Trust trade, posted revenues of $21.94 million for the quarter ended June 2022, lacking the Zacks Consensus Estimate by 5.04%. This compares to year-ago revenues of $22.78 million. The firm has topped consensus income estimates simply as soon as during the last 4 quarters.

The sustainability of the stock’s instant value motion primarily based on the recently-released numbers and future earnings expectations will largely rely on administration’s commentary on the earnings name.

Granite Point Mortgage Trust shares have misplaced about 11.8% for the reason that starting of the 12 months versus the S&P 500’s decline of -13%.

What’s Next for Granite Point Mortgage Trust?

While Granite Point Mortgage Trust has outperformed the market up to now this 12 months, the query that involves buyers’ minds is: what’s subsequent for the stock?

There are not any straightforward solutions to this key query, however one dependable measure that may assist buyers handle that is the corporate’s earnings outlook. Not solely does this embody present consensus earnings expectations for the approaching quarter(s), but in addition how these expectations have modified currently.

Empirical analysis exhibits a powerful correlation between near-term stock actions and developments in earnings estimate revisions. Investors can monitor such revisions by themselves or depend on a tried-and-tested score device just like the Zacks Rank, which has a formidable monitor document of harnessing the ability of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions development for Granite Point Mortgage Trust: blended. While the magnitude and path of estimate revisions may change following the corporate’s just-released earnings report, the present standing interprets right into a Zacks Rank #3 (Hold) for the stock. So, the shares are anticipated to carry out in keeping with the market within the close to future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

It will probably be attention-grabbing to see how estimates for the approaching quarters and present fiscal 12 months change within the days forward. The present consensus EPS estimate is $0.23 on $23.6 million in revenues for the approaching quarter and $0.76 on $95 million in revenues for the present fiscal 12 months.

Investors ought to be aware of the truth that the outlook for the trade can have a fabric affect on the efficiency of the stock as effectively. In phrases of the Zacks Industry Rank, REIT and Equity Trust is presently within the prime 36% of the 250 plus Zacks industries. Our analysis exhibits that the highest 50% of the Zacks-ranked industries outperform the underside 50% by an element of greater than 2 to 1.

AFC Gamma Inc. (AFCG), one other stock in the identical trade, has but to report outcomes for the quarter ended June 2022. The outcomes are anticipated to be launched on August 9.

This firm is predicted to put up quarterly earnings of $0.60 per share in its upcoming report, which represents a year-over-year change of +39.5%. The consensus EPS estimate for the quarter has remained unchanged during the last 30 days.

AFC Gamma Inc.’s revenues are anticipated to be $18 million, up 105.7% from the year-ago quarter.

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The views and opinions expressed herein are the views and opinions of the creator and don’t essentially mirror these of Nasdaq, Inc.

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