Granite Point Mortgage Trust Inc. (NYSE:GPMT) Plans 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 annualized dividend and a yield of 6.27%. The ex-dividend date is Tuesday, October 1st.

Granite Point Mortgage Trust has raised its dividend by an average of 26.0% per year over the last three years. Granite Point Mortgage Trust has a payout ratio of -22.2% 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 ($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 Price Performance

NYSE GPMT traded down $0.03 on Friday, reaching $3.19. The stock had a trading volume of 385,711 shares, compared to its average volume of 440,997. The company has a market cap of $162.80 million, a P/E ratio of -1.38 and a beta of 1.78. The firm has a fifty day moving average of $2.78 and a two-hundred day moving average of $3.39. Granite Point Mortgage Trust has a 1-year low of $2.46 and a 1-year high of $6.41.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods lowered their price target on shares of Granite Point Mortgage Trust from $3.25 to $2.75 and set an “underperform” rating on the stock in a research report 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.