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

Granite Point Mortgage Trust Inc. (NYSE:GPMT) announced a quarterly dividend on Friday, September 20th, NASDAQ reports. Investors of record on Tuesday, October 1st will be given a dividend of 0.05 per share on Tuesday, October 15th. This represents a $0.20 annualized dividend and a yield of 6.27%. The ex-dividend date is Tuesday, October 1st.

Granite Point Mortgage Trust has raised its dividend payment by an average of 26.0% per year over the last three years. Granite Point Mortgage Trust has a payout ratio of -22.2% 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 ($1.61) 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 -12.4%.

Granite Point Mortgage Trust Price Performance

Granite Point Mortgage Trust stock opened at $3.19 on Monday. The stock has a market capitalization of $162.80 million, a PE ratio of -1.38 and a beta of 1.78. Granite Point Mortgage Trust has a 12 month low of $2.46 and a 12 month high of $6.41. The business has a 50 day simple moving average of $2.78 and a 200-day simple moving average of $3.38.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods cut their price objective on Granite Point Mortgage Trust from $3.25 to $2.75 and set an “underperform” rating on the stock in a report on Monday, August 12th.

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.