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

Granite Point Mortgage Trust Inc. (NYSE:GPMT) declared a quarterly dividend on Thursday, December 19th,NASDAQ Dividends reports. Investors of record on Tuesday, December 31st will be paid a dividend of 0.05 per share on Wednesday, January 15th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 6.83%. The ex-dividend date is Tuesday, December 31st.

Granite Point Mortgage Trust has raised its dividend by an average of 26.0% annually over the last three years. Granite Point Mortgage Trust has a payout ratio of -10.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Granite Point Mortgage Trust to earn ($2.67) 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 -7.5%.

Granite Point Mortgage Trust Stock Down 1.3 %

Granite Point Mortgage Trust stock traded down $0.04 during mid-day trading on Friday, reaching $2.93. 791,606 shares of the company’s stock were exchanged, compared to its average volume of 427,285. Granite Point Mortgage Trust has a twelve month low of $2.46 and a twelve month high of $6.41. The company has a market cap of $146.38 million, a P/E ratio of -0.76 and a beta of 1.83. The company has a fifty day moving average of $3.23 and a 200-day moving average of $3.00.

Analyst Ratings Changes

GPMT has been the subject of several recent research reports. Keefe, Bruyette & Woods upgraded Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and lifted their price objective for the company from $3.00 to $3.25 in a research note on Tuesday, December 10th. UBS Group raised their target price on shares of Granite Point Mortgage Trust from $3.50 to $4.00 and gave the company a “buy” rating in a report on Friday, November 15th.

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.