Granite Point Mortgage Trust Inc. (GPMT) to Issue Quarterly Dividend of $0.05 on April 15th

Granite Point Mortgage Trust Inc. (NYSE:GPMT) announced a quarterly dividend on Thursday, March 13th, NASDAQ Dividends reports. Stockholders of record on Tuesday, April 1st will be paid a dividend of 0.05 per share on Tuesday, April 15th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 7.05%. The ex-dividend date is Tuesday, April 1st.

Granite Point Mortgage Trust has decreased its dividend by an average of 33.1% per year over the last three years. Granite Point Mortgage Trust has a payout ratio of -51.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Granite Point Mortgage Trust Price Performance

Shares of GPMT stock opened at $2.84 on Friday. The stock has a 50-day moving average of $2.87 and a 200-day moving average of $2.99. Granite Point Mortgage Trust has a one year low of $2.46 and a one year high of $5.02. The stock has a market cap of $138.49 million, a PE ratio of -0.65 and a beta of 1.89.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its earnings results on Thursday, February 13th. The company reported ($1.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.73) by ($1.26). Granite Point Mortgage Trust had a negative return on equity of 14.08% and a negative net margin of 111.59%. The business had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.90 million. As a group, research analysts anticipate that Granite Point Mortgage Trust will post -2.75 earnings per share for the current year.

Insider Activity

In other Granite Point Mortgage Trust news, Director Patrick Gregory Halter purchased 34,001 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was acquired at an average price of $2.80 per share, with a total value of $95,202.80. Following the acquisition, the director now directly owns 34,001 shares of the company’s stock, valued at $95,202.80. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In the last 90 days, insiders purchased 34,770 shares of company stock valued at $108,849. 2.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GPMT. JMP Securities reissued a “market perform” rating on shares of Granite Point Mortgage Trust in a research note on Tuesday, February 18th. UBS Group reduced their price target on Granite Point Mortgage Trust from $3.75 to $3.50 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Finally, Keefe, Bruyette & Woods raised Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $3.00 to $3.25 in a research 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.