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

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 given a dividend of 0.05 per share on Tuesday, April 15th. This represents a $0.20 annualized dividend and a dividend yield of 7.05%. The ex-dividend date of this dividend 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 dividend 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

Granite Point Mortgage Trust stock traded up $0.08 during trading hours on Friday, reaching $2.84. The stock had a trading volume of 313,233 shares, compared to its average volume of 414,792. 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 has a 52 week low of $2.46 and a 52 week high of $5.02. The company has a fifty day simple moving average of $2.87 and a 200-day simple moving average of $2.99.

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) last announced its quarterly 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). The firm had revenue of $7.57 million during 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%. Research analysts predict that Granite Point Mortgage Trust will post -2.75 earnings per share for the current fiscal year.

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Insider Activity at Granite Point Mortgage Trust

In other news, Director Patrick Gregory Halter bought 34,001 shares of the firm's stock in a transaction on Tuesday, February 25th. The stock was acquired at an average cost of $2.80 per share, with a total value of $95,202.80. Following the completion of the acquisition, the director now owns 34,001 shares of the company's stock, valued at approximately $95,202.80. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders acquired a total of 34,770 shares of company stock valued at $108,849 in the last three months. Company insiders own 2.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. UBS Group cut their target price 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. JMP Securities reaffirmed a "market perform" rating on shares of Granite Point Mortgage Trust in a research note on Tuesday, February 18th. Finally, 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 report on Tuesday, December 10th.

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.