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

Granite Point Mortgage Trust Inc. (NYSE:GPMT) announced a quarterly dividend on Friday, September 20th, NASDAQ reports. Investors of record on Tuesday, October 1st will be given a dividend of 0.05 per share on Tuesday, October 15th. This represents a $0.20 dividend on an annualized basis and a yield of 6.27%. The ex-dividend date of this dividend is Tuesday, October 1st.

Granite Point Mortgage Trust has raised its dividend payment by an average of 26.0% annually over the last three years. Granite Point Mortgage Trust has a payout ratio of -22.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Granite Point Mortgage Trust to earn ($1.61) per share next year, which means the company may not be able to cover its $0.20 annual dividend with an expected future payout ratio of -12.4%.

Granite Point Mortgage Trust Trading Down 0.9 %

Shares of GPMT stock traded down $0.03 during trading hours on Friday, hitting $3.19. 385,711 shares of the company were exchanged, compared to its average volume of 440,997. Granite Point Mortgage Trust has a 52 week low of $2.46 and a 52 week high of $6.41. The business has a 50 day moving average of $2.78 and a two-hundred day moving average of $3.39. The company has a market capitalization of $162.80 million, a PE ratio of -1.38 and a beta of 1.78.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods dropped their price target on Granite Point Mortgage Trust from $3.25 to $2.75 and set an “underperform” rating on the stock in a research note on Monday, August 12th.

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.