Granite Point Mortgage Trust Inc. (NYSE:GPMT) Plans $0.01 Quarterly Dividend

Granite Point Mortgage Trust Inc. (NYSE:GPMT) announced a quarterly dividend on Tuesday, September 15th. Shareholders of record on Thursday, October 1st will be paid a dividend of 0.01 per share on Thursday, October 15th. This represents a c) dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Thursday, October 1st.

Granite Point Mortgage Trust has decreased its dividend payment by an average of 0.2%per year over the last three years. Granite Point Mortgage Trust has a 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. Research analysts expect Granite Point Mortgage Trust to earn ($1.12) 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 -17.9%.

Granite Point Mortgage Trust Stock Performance

Granite Point Mortgage Trust stock opened at $0.89 on Wednesday. The firm’s 50-day moving average is $1.21 and its 200-day moving average is $1.39. Granite Point Mortgage Trust has a 1 year low of $0.85 and a 1 year high of $3.12. The company has a market cap of $43.09 million, a P/E ratio of -0.44 and a beta of 1.58.

Granite Point Mortgage Trust (NYSE:GPMT) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.40). The business had revenue of $8.27 million during the quarter, compared to analyst estimates of $7.85 million. Granite Point Mortgage Trust had a negative net margin of 73.75% and a negative return on equity of 10.25%. As a group, sell-side analysts predict that Granite Point Mortgage Trust will post -1.53 earnings per share for the current year.

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.