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

Granite Point Mortgage Trust Inc. (NYSE:GPMT) announced a quarterly dividend on Tuesday, June 17th, RTT News reports. Stockholders of record on Tuesday, July 1st will be given a dividend of 0.05 per share on Tuesday, July 15th. This represents a $0.20 annualized dividend and a dividend yield of 8.32%. The ex-dividend date of this dividend is Tuesday, July 1st.

Granite Point Mortgage Trust has a 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 Up 4.6%

NYSE GPMT opened at $2.41 on Thursday. Granite Point Mortgage Trust has a 52 week low of $1.61 and a 52 week high of $3.66. The firm has a market capitalization of $116.43 million, a P/E ratio of -0.78 and a beta of 1.77. The company has a 50-day moving average price of $2.20 and a 200-day moving average price of $2.63.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. UBS Group reiterated a “buy” rating and set a $3.25 price objective (up from $2.50) on shares of Granite Point Mortgage Trust in a research note on Wednesday, May 21st. Keefe, Bruyette & Woods cut their price objective on Granite Point Mortgage Trust from $2.50 to $2.25 and set a “market perform” rating for the company in a research note on Wednesday, April 30th.

Insiders Place Their Bets

In other Granite Point Mortgage Trust news, Director Lazar Nikolic purchased 47,832 shares of the company’s stock in a transaction on Wednesday, May 21st. The stock was acquired at an average cost of $2.50 per share, for a total transaction of $119,580.00. Following the purchase, the director now directly owns 648,594 shares of the company’s stock, valued at $1,621,485. This trade represents a 7.96% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders acquired 55,953 shares of company stock worth $138,197 in the last three months. 3.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Granite Point Mortgage Trust stock. AQR Capital Management LLC grew its position in shares of Granite Point Mortgage Trust Inc. (NYSE:GPMT) by 473.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 156,518 shares of the company’s stock after acquiring an additional 129,222 shares during the quarter. AQR Capital Management LLC owned about 0.32% of Granite Point Mortgage Trust worth $407,000 at the end of the most recent reporting period. 51.63% of the stock is currently owned by hedge funds and other institutional investors.

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.