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

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 14.5%. The ex-dividend date is Wednesday, July 1st.

Granite Point Mortgage Trust has decreased its dividend by an average of 0.2%per year 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. 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 -31.2%.

Granite Point Mortgage Trust Stock Down 2.5%

Shares of Granite Point Mortgage Trust stock opened at $1.38 on Monday. The stock’s 50-day simple moving average is $1.44 and its 200-day simple moving average is $1.80. Granite Point Mortgage Trust has a 52 week low of $1.24 and a 52 week high of $3.12. The company has a market capitalization of $65.89 million, a price-to-earnings ratio of -1.29 and a beta of 1.63.

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Wall Street Zen downgraded Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, April 21st. Finally, Compass Point set a $1.50 target price on shares of Granite Point Mortgage Trust in a report on Monday, May 11th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Granite Point Mortgage Trust has a consensus rating of “Hold” and a consensus price target of $2.50.

Granite Point Mortgage Trust Company Profile

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.