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

Granite Point Mortgage Trust Inc. (NYSE:GPMT) declared 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 6.83%. The ex-dividend date is Tuesday, December 31st.

Granite Point Mortgage Trust has increased its dividend payment by an average of 26.0% per year over the last three years. Granite Point Mortgage Trust has a dividend payout ratio of -10.6% 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 ($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 Price Performance

NYSE:GPMT opened at $2.93 on Friday. Granite Point Mortgage Trust has a one year low of $2.46 and a one year high of $6.41. The company’s 50-day simple moving average is $3.23 and its 200 day simple moving average is $3.00. The firm has a market capitalization of $146.38 million, a P/E ratio of -0.76 and a beta of 1.83.

Analysts Set New Price Targets

GPMT has been the topic of several recent research reports. UBS Group upped their price target on Granite Point Mortgage Trust from $3.50 to $4.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods raised Granite Point Mortgage Trust from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $3.00 to $3.25 in a research note on Tuesday, December 10th.

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.