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

Granite Point Mortgage Trust Inc. (NYSE:GPMT) announced 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 annualized dividend and a dividend yield of 6.97%. 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% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 4.3 %

GPMT opened at $2.87 on Friday. The firm’s 50 day moving average is $3.21 and its 200-day moving average is $3.00. Granite Point Mortgage Trust has a 52-week low of $2.46 and a 52-week high of $6.16. The firm has a market capitalization of $143.38 million, a P/E ratio of -0.74 and a beta of 1.83.

Wall Street Analyst Weigh In

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