Granite Point Mortgage Trust Inc. (GPMT) to Issue Quarterly Dividend of $0.05 on January 15th

Granite Point Mortgage Trust Inc. (NYSE:GPMT) declared a quarterly dividend on Wednesday, December 17th. Shareholders of record on Tuesday, December 30th will be paid a dividend of 0.05 per share on Thursday, January 15th. This represents a c) dividend on an annualized basis and a dividend yield of 7.9%. The ex-dividend date is Tuesday, December 30th.

Granite Point Mortgage Trust has decreased its dividend by an average of 0.3%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.

Granite Point Mortgage Trust Stock Performance

GPMT stock opened at $2.52 on Friday. The firm has a 50 day moving average price of $2.71 and a 200-day moving average price of $2.72. Granite Point Mortgage Trust has a 52-week low of $1.61 and a 52-week high of $3.19. The firm has a market capitalization of $119.47 million, a price-to-earnings ratio of -1.75 and a beta of 1.73.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings results on Wednesday, May 25th. The company reported $0.38 earnings per share for the quarter. The company had revenue of $27.77 million for the quarter. Granite Point Mortgage Trust had a negative return on equity of 30.39% and a negative net margin of 39.73%. As a group, sell-side analysts forecast that Granite Point Mortgage Trust will post -2.75 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Hope B. Woodhouse sold 14,674 shares of the stock in a transaction on Monday, November 10th. The stock was sold at an average price of $2.70, for a total transaction of $39,619.80. Following the sale, the director directly owned 94,423 shares of the company’s stock, valued at $254,942.10. This trade represents a 13.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Granite Point Mortgage Trust

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Abundance Wealth Counselors raised its holdings in Granite Point Mortgage Trust by 4.0% during the third quarter. Abundance Wealth Counselors now owns 187,119 shares of the company’s stock valued at $561,000 after acquiring an additional 7,204 shares during the period. Advisory Services Network LLC purchased a new stake in shares of Granite Point Mortgage Trust during the third quarter worth about $26,000. MetLife Investment Management LLC raised its stake in Granite Point Mortgage Trust by 68.3% during the 1st quarter. MetLife Investment Management LLC now owns 21,334 shares of the company’s stock valued at $55,000 after purchasing an additional 8,658 shares during the period. May Hill Capital LLC bought a new stake in Granite Point Mortgage Trust during the 2nd quarter valued at approximately $28,000. Finally, B. Riley Wealth Advisors Inc. purchased a new position in Granite Point Mortgage Trust in the 2nd quarter worth approximately $28,000. Institutional investors own 51.63% of the company’s stock.

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.