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

Granite Point Mortgage Trust Inc. (NYSE:GPMT - Get Free Report) declared a quarterly dividend on Thursday, March 13th, NASDAQ Dividends reports. Investors 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 annualized dividend and a dividend yield of 7.01%. The ex-dividend date is Tuesday, April 1st.

Granite Point Mortgage Trust has decreased its dividend payment by an average of 33.1% per year over the last three years. Granite Point Mortgage Trust has a 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 Up 0.9 %

Shares of Granite Point Mortgage Trust stock traded up $0.03 during midday trading on Monday, hitting $2.86. The company had a trading volume of 5,180 shares, compared to its average volume of 413,162. The stock has a market cap of $139.47 million, a price-to-earnings ratio of -0.65 and a beta of 1.89. The company has a fifty day simple moving average of $2.87 and a 200 day simple moving average of $3.00. Granite Point Mortgage Trust has a 12-month low of $2.46 and a 12-month high of $5.02.

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $7.57 million during the quarter, compared to analyst estimates of $7.90 million. As a group, analysts expect that Granite Point Mortgage Trust will post -2.75 EPS for the current year.

Remove Ads

Insider Transactions at Granite Point Mortgage Trust

In related news, Director Patrick Gregory Halter acquired 34,001 shares of Granite Point Mortgage Trust stock in a transaction that occurred on Tuesday, February 25th. The shares were purchased at an average cost of $2.80 per share, for a total transaction of $95,202.80. Following the acquisition, the director now owns 34,001 shares in the company, valued at approximately $95,202.80. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have purchased a total of 34,770 shares of company stock worth $108,849 in the last quarter. Company insiders own 2.30% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on GPMT shares. UBS Group dropped 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 research note on Tuesday, February 25th. Keefe, Bruyette & Woods raised shares of Granite Point Mortgage Trust from an "underperform" rating to a "market perform" rating and lifted their price target for the company from $3.00 to $3.25 in a research note on Tuesday, December 10th. Finally, JMP Securities reissued a "market perform" rating on shares of Granite Point Mortgage Trust in a research note on Tuesday, February 18th.

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.