Granite Point Mortgage Trust Inc. (GPMT) To Go Ex-Dividend on July 1st

Granite Point Mortgage Trust Inc. (NYSE:GPMT) announced a quarterly dividend on Tuesday, June 16th. Shareholders of record on Wednesday, July 1st will be given a dividend of 0.05 per share on Wednesday, July 15th. This represents a c) dividend on an annualized basis and a yield of 14.1%. The ex-dividend date of this dividend is Wednesday, July 1st.

Granite Point Mortgage Trust has decreased its dividend payment by an average of 0.2%annually over the last three years. Granite Point Mortgage Trust has a dividend payout ratio of -42.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Granite Point Mortgage Trust to earn ($0.64) 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 -31.3%.

Granite Point Mortgage Trust Price Performance

GPMT stock opened at $1.42 on Thursday. Granite Point Mortgage Trust has a 52-week low of $1.24 and a 52-week high of $3.12. The company has a 50-day moving average of $1.45 and a two-hundred day moving average of $1.87. The stock has a market capitalization of $67.81 million, a price-to-earnings ratio of -1.32 and a beta of 1.63.

Granite Point Mortgage Trust (NYSE:GPMT) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.13. Granite Point Mortgage Trust had a negative net margin of 29.82% and a negative return on equity of 11.31%. The company had revenue of $11.22 million during the quarter, compared to analysts’ expectations of $7.40 million. Equities analysts expect that Granite Point Mortgage Trust will post -0.69 EPS for the current fiscal year.

About Granite Point Mortgage Trust

Granite Point Mortgage Trust, Inc is a specialty finance company that invests directly in commercial real estate debt. The company focuses on originating, acquiring and managing senior preferred and mezzanine loans secured by income-producing real estate across diverse property types, including multifamily, office, industrial and retail assets. Granite Point Mortgage Trust operates as a real estate investment trust (REIT), providing investors with exposure to floating-rate commercial mortgage loan investments.

Granite Point’s investment strategy centers on structuring loans to deliver attractive risk-adjusted returns, with portfolio allocations spanning senior loans, B-notes and mezzanine financings.