Granite Point Mortgage Trust Inc. Announces Quarterly Dividend of $0.20 (NYSE:GPMT)

Granite Point Mortgage Trust Inc. (NYSE:GPMT – Get Rating) announced a quarterly dividend on Thursday, March 16th, Zacks reports. Stockholders of record on Monday, April 3rd will be given a dividend of 0.20 per share on Monday, April 17th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 16.23%. The ex-dividend date of this dividend is Friday, March 31st.

Granite Point Mortgage Trust has decreased its dividend by an average of 17.3% per year over the last three years. Granite Point Mortgage Trust has a dividend payout ratio of 111.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Granite Point Mortgage Trust to earn $0.69 per share next year, which means the company may not be able to cover its $0.80 annual dividend with an expected future payout ratio of 115.9%.

Granite Point Mortgage Trust Stock Performance

NYSE:GPMT opened at $4.93 on Friday. The stock has a fifty day moving average price of $6.02 and a 200-day moving average price of $6.64. The company has a market cap of $258.96 million, a price-to-earnings ratio of -4.70 and a beta of 1.58. Granite Point Mortgage Trust has a fifty-two week low of $4.79 and a fifty-two week high of $11.57.

Granite Point Mortgage Trust (NYSE:GPMT – Get Rating) last issued its earnings results on Friday, February 24th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.35). The firm had revenue of $61.42 million during the quarter, compared to analyst estimates of $19.40 million. Granite Point Mortgage Trust had a positive return on equity of 2.16% and a negative net margin of 19.36%. Research analysts predict that Granite Point Mortgage Trust will post 0.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Granite Point Mortgage Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Invesco Ltd. raised its position in shares of Granite Point Mortgage Trust by 108.4% in the 1st quarter. Invesco Ltd. now owns 1,583,194 shares of the company’s stock worth $17,605,000 after acquiring an additional 823,363 shares in the last quarter. Balyasny Asset Management LLC raised its holdings in Granite Point Mortgage Trust by 241.3% in the 3rd quarter. Balyasny Asset Management LLC now owns 585,278 shares of the company’s stock worth $3,769,000 after purchasing an additional 413,776 shares during the period. Norges Bank bought a new position in Granite Point Mortgage Trust in the 4th quarter worth $1,703,000. State Street Corp raised its holdings in Granite Point Mortgage Trust by 14.3% during the first quarter. State Street Corp now owns 2,379,392 shares of the company’s stock valued at $27,021,000 after acquiring an additional 297,486 shares during the period. Finally, UBS Group AG raised its holdings in Granite Point Mortgage Trust by 10,819.6% during the third quarter. UBS Group AG now owns 196,007 shares of the company’s stock valued at $1,263,000 after acquiring an additional 194,212 shares during the period. Institutional investors own 61.39% of the company’s stock.

Wall Street Analysts Forecast Growth

GPMT has been the subject of a number of analyst reports. Keefe, Bruyette & Woods downgraded Granite Point Mortgage Trust from a “market perform” rating to an “underperform” rating and set a $6.00 price target for the company. in a research note on Thursday, December 15th. JMP Securities dropped their target price on shares of Granite Point Mortgage Trust from $12.00 to $10.00 and set a “market outperform” rating on the stock in a research note on Tuesday, December 13th.

Granite Point Mortgage Trust Company Profile

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Granite Point Mortgage Trust, Inc operates as a real estate investment trust, which focuses on originating, investing in, and managing senior floating-rate commercial mortgage loans, other debt and debt-like commercial real estate investments. The company was founded on April 7, 2017 and is headquartered in New York, NY.