Granite Point Mortgage Trust Inc. Announces Quarterly Dividend of $0.05 (NYSE:GPMT)

Granite Point Mortgage Trust Inc. (NYSE:GPMT) declared a quarterly dividend on Thursday, December 19th,NASDAQ Dividends reports. Stockholders of record on Tuesday, December 31st will be paid a dividend of 0.05 per share on Wednesday, January 15th. This represents a $0.20 annualized dividend and a dividend yield of 6.83%. The ex-dividend date of this dividend is Tuesday, December 31st.

Granite Point Mortgage Trust has increased its dividend by an average of 26.0% annually over the last three years. Granite Point Mortgage Trust has a dividend payout ratio of -10.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Granite Point Mortgage Trust to earn ($2.67) per share next year, which means the company may not be able to cover its $0.20 annual dividend with an expected future payout ratio of -7.5%.

Granite Point Mortgage Trust Stock Performance

Shares of NYSE GPMT traded down $0.04 during mid-day trading on Friday, reaching $2.93. 791,606 shares of the company’s stock were exchanged, compared to its average volume of 427,285. The firm has a market capitalization of $146.38 million, a price-to-earnings ratio of -0.76 and a beta of 1.83. Granite Point Mortgage Trust has a 52-week low of $2.46 and a 52-week high of $6.41. The company’s 50-day moving average is $3.23 and its 200-day moving average is $3.00.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on GPMT shares. UBS Group increased their price objective on shares of Granite Point Mortgage Trust from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Keefe, Bruyette & Woods raised shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and raised their target price for the company 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.