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

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

Granite Point Mortgage Trust has raised its dividend payment by an average of 26.0% per year 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. 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 Trading Down 1.3 %

NYSE:GPMT traded down $0.04 during trading hours on Friday, reaching $2.93. 791,606 shares of the company traded hands, compared to its average volume of 427,285. The business’s 50-day moving average price is $3.23 and its two-hundred day moving average price is $3.00. Granite Point Mortgage Trust has a 1 year low of $2.46 and a 1 year high of $6.41. The stock has a market capitalization of $146.38 million, a P/E ratio of -0.76 and a beta of 1.83.

Analyst Ratings Changes

A number of analysts have commented on GPMT shares. Keefe, Bruyette & Woods upgraded Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $3.00 to $3.25 in a research report 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 stock a “buy” rating in a research note on Friday, November 15th.

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.