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

Granite Point Mortgage Trust Inc. (NYSE:GPMT) declared a quarterly dividend on Thursday, December 19th,NASDAQ Dividends reports. Shareholders 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 dividend on an annualized basis and a yield of 6.83%. The ex-dividend date of this dividend is Tuesday, December 31st.

Granite Point Mortgage Trust has raised its dividend payment 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 Performance

Shares of NYSE GPMT traded down $0.04 during mid-day trading on Friday, hitting $2.93. The stock had a trading volume of 791,606 shares, compared to its average volume of 427,285. The firm has a market cap of $146.38 million, a PE ratio of -0.76 and a beta of 1.83. The company has a 50 day moving average of $3.23 and a two-hundred day moving average of $3.00. Granite Point Mortgage Trust has a twelve month low of $2.46 and a twelve month high of $6.41.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. UBS Group upped their price target on shares of Granite Point Mortgage Trust from $3.50 to $4.00 and gave the company a “buy” rating in a report on Friday, November 15th. Keefe, Bruyette & Woods upgraded Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and upped their price objective for the stock from $3.00 to $3.25 in a research report on Tuesday, December 10th.

About Granite Point Mortgage Trust

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.