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

Granite Point Mortgage Trust Inc. (NYSE:GPMT) declared a dividend on Tuesday, June 18th, NASDAQ reports. Stockholders of record on Monday, July 1st will be paid a dividend of 0.05 per share on Monday, July 15th. The ex-dividend date of this dividend is Monday, July 1st.

Granite Point Mortgage Trust has increased its dividend payment by an average of 26.0% annually over the last three years. Granite Point Mortgage Trust has a payout ratio of -130.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Granite Point Mortgage Trust to earn ($1.64) per share next year, which means the company may not be able to cover its $0.60 annual dividend with an expected future payout ratio of -36.6%.

Granite Point Mortgage Trust Stock Performance

NYSE:GPMT opened at $3.05 on Thursday. The firm’s fifty day simple moving average is $3.66 and its 200 day simple moving average is $4.72. Granite Point Mortgage Trust has a twelve month low of $2.86 and a twelve month high of $6.41.

Wall Street Analyst Weigh In

A number of brokerages have commented on GPMT. UBS Group reduced their price objective on Granite Point Mortgage Trust from $6.50 to $6.00 and set a “buy” rating on the stock in a research note on Wednesday, March 20th. Keefe, Bruyette & Woods reduced their price target on Granite Point Mortgage Trust from $5.00 to $4.75 and set an “underperform” rating on the stock in a research report on Wednesday, April 10th.

Insider Buying and Selling

In other Granite Point Mortgage Trust news, Director Stephen G. Kasnet sold 27,027 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $3.08, for a total value of $83,243.16. Following the completion of the transaction, the director now directly owns 121,066 shares of the company’s stock, valued at approximately $372,883.28. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 2.30% of the stock is currently owned by insiders.

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.