Granite Point Mortgage Trust Inc. (GPMT) to Issue Quarterly Dividend of $0.05 on April 15th

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 annualized dividend and a dividend yield of 7.60%. The ex-dividend date is Tuesday, April 1st.

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

NYSE GPMT 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. The firm’s 50-day moving average is $2.87 and its two-hundred day moving average is $3.00. Granite Point Mortgage Trust has a 12 month low of $2.46 and a 12 month high of $4.74.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings results on Thursday, February 13th. The company reported ($1.99) EPS 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 firm had revenue of $7.57 million for the quarter, compared to analyst estimates of $7.90 million. As a group, analysts anticipate that Granite Point Mortgage Trust will post -2.75 EPS for the current year.

Analyst Ratings Changes

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

Insider Activity

In other news, Director Patrick Gregory Halter bought 34,001 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were purchased 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 directly owns 34,001 shares in the company, valued at approximately $95,202.80. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders bought 34,770 shares of company stock worth $108,849. 2.30% of the stock is currently owned by insiders.

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.