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

Granite Point Mortgage Trust Inc. (NYSE:GPMT) announced a quarterly dividend on Tuesday, June 16th. Stockholders of record on Wednesday, July 1st will be paid a dividend of 0.05 per share on Wednesday, July 15th. This represents a c) annualized dividend and a dividend yield of 13.8%. The ex-dividend date of this dividend is Wednesday, July 1st.

Granite Point Mortgage Trust has decreased its dividend by an average of 0.2%annually over the last three years. Granite Point Mortgage Trust has a dividend payout ratio of -42.6% 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 ($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 -31.3%.

Granite Point Mortgage Trust Price Performance

Shares of GPMT opened at $1.45 on Wednesday. The stock has a 50-day moving average of $1.45 and a 200-day moving average of $1.88. The company has a market cap of $69.24 million, a PE ratio of -1.35 and a beta of 1.63. Granite Point Mortgage Trust has a one year low of $1.24 and a one year high of $3.12.

Granite Point Mortgage Trust (NYSE:GPMT) last issued its earnings results on Tuesday, May 5th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.13. Granite Point Mortgage Trust had a negative return on equity of 11.31% and a negative net margin of 29.82%.The company had revenue of $11.22 million during the quarter, compared to the consensus estimate of $7.40 million. Analysts expect that Granite Point Mortgage Trust will post -0.69 EPS for the current fiscal year.

Analysts Set New Price Targets

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