Granite Point Mortgage Trust Inc. (NYSE:GPMT - Get Free Report) announced a quarterly dividend on Thursday, March 13th, NASDAQ Dividends reports. Shareholders 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 annualized dividend and a 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% annually over the last three years. Granite Point Mortgage Trust has a payout ratio of -51.3% 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 Up 2.7 %
GPMT stock traded up $0.08 during trading hours on Friday, hitting $2.84. The company's stock had a trading volume of 313,233 shares, compared to its average volume of 416,669. The company has a market capitalization of $138.49 million, a PE ratio of -0.65 and a beta of 1.89. Granite Point Mortgage Trust has a 12 month low of $2.46 and a 12 month high of $5.02. The stock has a 50 day moving average price of $2.87 and a two-hundred day moving average price of $2.99.
Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The company reported ($1.99) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.73) by ($1.26). The firm had revenue of $7.57 million for the quarter, compared to the consensus estimate of $7.90 million. Granite Point Mortgage Trust had a negative return on equity of 14.08% and a negative net margin of 111.59%. Sell-side analysts expect that Granite Point Mortgage Trust will post -2.75 earnings per share for the current year.
Wall Street Analysts Forecast Growth
Several research firms recently issued reports on GPMT. Keefe, Bruyette & Woods raised shares of Granite Point Mortgage Trust from an "underperform" rating to a "market perform" rating and upped their price objective for the stock from $3.00 to $3.25 in a report on Tuesday, December 10th. UBS Group decreased their price objective on shares of Granite Point Mortgage Trust from $3.75 to $3.50 and set a "buy" rating for the company in a report on Tuesday, February 25th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Granite Point Mortgage Trust in a report on Tuesday, February 18th.
Check Out Our Latest Analysis on Granite Point Mortgage Trust
Insider Activity at Granite Point Mortgage Trust
In related news, Director Patrick Gregory Halter bought 34,001 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The stock was purchased at an average cost of $2.80 per share, for a total transaction of $95,202.80. Following the purchase, the director now directly owns 34,001 shares in the company, valued at $95,202.80. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders purchased a total of 34,770 shares of company stock worth $108,849 in the last ninety days. 2.30% of the stock is currently owned by insiders.
About Granite Point Mortgage Trust
(
Get Free Report)
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.
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