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

Granite Point Mortgage Trust Inc. (NYSE:GPMT) declared a quarterly dividend on Tuesday, June 18th, NASDAQ reports. Shareholders of record on Monday, July 1st will be given a dividend of 0.05 per share on Monday, July 15th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 6.73%. The ex-dividend date of this dividend is Monday, July 1st.

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 -24.1% indicating that 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 ($2.04) 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 -9.8%.

Granite Point Mortgage Trust Stock Performance

Shares of Granite Point Mortgage Trust stock opened at $2.97 on Friday. Granite Point Mortgage Trust has a twelve month low of $2.77 and a twelve month high of $6.41. The business has a 50-day moving average price of $3.46 and a 200 day moving average price of $4.60.

Analysts Set New Price Targets

GPMT has been the topic of several recent research reports. UBS Group lowered their target price on Granite Point Mortgage Trust from $6.50 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, March 20th. Keefe, Bruyette & Woods reduced their price target on shares of Granite Point Mortgage Trust from $5.00 to $4.75 and set an “underperform” rating on the stock in a research report on Wednesday, April 10th.

Insider Activity

In other Granite Point Mortgage Trust news, Director Stephen G. Kasnet sold 27,027 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $3.08, for a total value of $83,243.16. Following the sale, the director now owns 121,066 shares of the company’s stock, valued at $372,883.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.30% of the company’s stock.

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.