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

Granite Point Mortgage Trust Inc. (NYSE:GPMTGet Free Report) declared a 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. The ex-dividend date is Monday, July 1st.

Granite Point Mortgage Trust has increased its dividend payment by an average of 26.0% annually over the last three years. Granite Point Mortgage Trust has a payout ratio of -130.4% 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 ($1.64) per share next year, which means the company may not be able to cover its $0.60 annual dividend with an expected future payout ratio of -36.6%.

Granite Point Mortgage Trust Stock Down 1.6 %

Shares of GPMT traded down $0.05 during midday trading on Wednesday, hitting $3.05. The company had a trading volume of 426,086 shares, compared to its average volume of 468,428. The stock has a market cap of $155.64 million, a price-to-earnings ratio of -1.32 and a beta of 1.78. The company’s 50 day moving average price is $3.68 and its 200 day moving average price is $4.73. Granite Point Mortgage Trust has a 52 week low of $2.86 and a 52 week high of $6.41.

Insider Buying and Selling at Granite Point Mortgage Trust

In other news, Director Stephen G. Kasnet sold 27,027 shares of the firm’s stock in a transaction 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 directly owns 121,066 shares of the company’s stock, valued at $372,883.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. UBS Group reduced their price objective on Granite Point Mortgage Trust from $6.50 to $6.00 and set a “buy” rating on the stock in a research note on Wednesday, March 20th. Keefe, Bruyette & Woods dropped their price objective on shares of Granite Point Mortgage Trust from $5.00 to $4.75 and set an “underperform” rating on the stock in a research note on Wednesday, April 10th. Finally, JMP Securities downgraded Granite Point Mortgage Trust from an “outperform” rating to a “market perform” rating in a research note on Tuesday, February 20th.

View Our Latest Analysis on GPMT

Granite Point Mortgage Trust Company Profile

(Get Free Report)

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.

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Dividend History for Granite Point Mortgage Trust (NYSE:GPMT)

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