Granite Point Mortgage Trust Inc. (NYSE:GPMT) to Issue $0.05 Quarterly Dividend

Granite Point Mortgage Trust Inc. (NYSE:GPMT) announced a quarterly dividend on Thursday, March 13th, NASDAQ Dividends reports. Investors of record on Tuesday, April 1st will be given a dividend of 0.05 per share on Tuesday, April 15th. This represents a $0.20 dividend on an annualized basis and a yield of 7.60%. The ex-dividend date is Tuesday, April 1st.

Granite Point Mortgage Trust has decreased its dividend by an average of 33.1% annually over the last three years. Granite Point Mortgage Trust has a dividend payout ratio of -100.0% indicating that 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 Stock Down 2.5 %

Shares of Granite Point Mortgage Trust stock opened at $2.63 on Friday. The stock has a market capitalization of $128.58 million, a P/E ratio of -0.60 and a beta of 1.89. Granite Point Mortgage Trust has a 12-month low of $2.46 and a 12-month high of $4.74. The company has a 50-day simple moving average of $2.87 and a 200 day simple moving average of $3.00.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($1.99) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $7.57 million during the quarter, compared to the consensus estimate of $7.90 million. On average, equities analysts anticipate that Granite Point Mortgage Trust will post -2.75 earnings per share for the current year.

Analysts Set New Price Targets

GPMT has been the topic of several analyst reports. Keefe, Bruyette & Woods raised shares of Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and boosted their price target for the stock from $3.00 to $3.25 in a research report on Tuesday, December 10th. JMP Securities reissued a “market perform” rating on shares of Granite Point Mortgage Trust in a report on Tuesday, February 18th. Finally, UBS Group lowered their price target on shares of Granite Point Mortgage Trust from $3.75 to $3.50 and set a “buy” rating on the stock in a report on Tuesday, February 25th.

Insiders Place Their Bets

In other Granite Point Mortgage Trust news, Director Patrick Gregory Halter bought 34,001 shares of the firm’s stock in a transaction that occurred 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 completion of the purchase, the director now directly owns 34,001 shares of the company’s stock, valued at approximately $95,202.80. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders bought a total of 34,770 shares of company stock valued at $108,849 in the last 90 days. Corporate insiders own 2.30% of the company’s stock.

Granite Point Mortgage Trust Company Profile

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.