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

Granite Point Mortgage Trust Inc. (NYSE:GPMT) announced a quarterly dividend on Tuesday, June 18th, NASDAQ reports. Stockholders of record on Monday, July 1st will be paid a dividend of 0.05 per share on Monday, July 15th. This represents a $0.20 annualized dividend 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 payment by an average of 26.0% per year over the last three years. Granite Point Mortgage Trust has a dividend payout ratio of -24.1% 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 ($2.04) 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 Trading Up 3.8 %

NYSE:GPMT opened at $2.97 on Friday. The stock has a 50-day simple moving average of $3.46 and a 200 day simple moving average of $4.59. Granite Point Mortgage Trust has a 52-week low of $2.77 and a 52-week high of $6.41.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. UBS Group cut their price objective on shares of Granite Point Mortgage Trust from $6.50 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, March 20th. Keefe, Bruyette & Woods cut 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 at Granite Point Mortgage Trust

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 transaction of $83,243.16. Following the transaction, the director now owns 121,066 shares of the company’s stock, valued at $372,883.28. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.30% of the stock is currently owned by company insiders.

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.