Tremont Mortgage Trust (NASDAQ:TRMT) Stock Price Up 7.6% After Better-Than-Expected Earnings

Shares of Tremont Mortgage Trust (NASDAQ:TRMT) rose 7.6% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $4.75 and last traded at $4.65, approximately 143,889 shares changed hands during trading. An increase of 84% from the average daily volume of 78,101 shares. The stock had previously closed at $4.32.

The company reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.02. The business had revenue of $1.88 million for the quarter. Tremont Mortgage Trust had a negative net margin of 1.81% and a negative return on equity of 0.14%.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 29th will be issued a $0.22 dividend. The ex-dividend date is Friday, July 26th. This represents a $0.88 annualized dividend and a yield of 18.92%.

Several research analysts recently commented on TRMT shares. JMP Securities started coverage on shares of Tremont Mortgage Trust in a report on Wednesday, July 10th. They issued an “outperform” rating and a $6.00 price target on the stock. UBS Group downgraded shares of Tremont Mortgage Trust from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $16.00 to $5.00 in a report on Tuesday, May 21st. Finally, Citigroup cut their target price on Tremont Mortgage Trust from $9.50 to $5.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 5th.

In related news, insider David M. Blackman bought 5,000 shares of the business’s stock in a transaction on Friday, May 17th. The shares were bought at an average cost of $5.18 per share, for a total transaction of $25,900.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph Morea bought 10,000 shares of the business’s stock in a transaction on Friday, May 17th. The stock was bought at an average price of $5.23 per share, for a total transaction of $52,300.00. The disclosure for this purchase can be found here. Company insiders own 20.20% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Envestnet Asset Management Inc. bought a new stake in shares of Tremont Mortgage Trust during the second quarter valued at about $109,000. Advisor Group Inc. bought a new stake in shares of Tremont Mortgage Trust during the second quarter valued at about $72,000. Parallel Advisors LLC raised its stake in shares of Tremont Mortgage Trust by 275.0% during the second quarter. Parallel Advisors LLC now owns 15,000 shares of the company’s stock valued at $62,000 after purchasing an additional 11,000 shares in the last quarter. Wilbanks Smith & Thomas Asset Management LLC bought a new stake in shares of Tremont Mortgage Trust during the second quarter valued at about $41,000. Finally, JPMorgan Chase & Co. bought a new stake in shares of Tremont Mortgage Trust during the second quarter valued at about $28,000. Institutional investors own 6.57% of the company’s stock.

The firm’s 50 day moving average price is $4.36. The company has a debt-to-equity ratio of 2.25, a quick ratio of 12.62 and a current ratio of 12.63.

Tremont Mortgage Trust Company Profile (NASDAQ:TRMT)

Tremont Mortgage Trust, a real estate investment trust (REIT), focuses on originating and investing in first mortgage loans secured by middle market and transitional commercial real estate in the United States. The company qualifies as a REIT for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders.

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