Granite Point Mortgage Trust Inc. Declares Quarterly Dividend of $0.25 (NYSE:GPMT)

Granite Point Mortgage Trust Inc. (NYSE:GPMTGet Rating) announced a quarterly dividend on Thursday, June 16th, Zacks reports. Stockholders of record on Friday, July 1st will be paid a dividend of 0.25 per share on Friday, July 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 10.59%. The ex-dividend date of this dividend is Thursday, June 30th.

Granite Point Mortgage Trust has decreased its dividend by an average of 14.9% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Granite Point Mortgage Trust has a payout ratio of 91.7% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Analysts expect Granite Point Mortgage Trust to earn $1.04 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 96.2%.

Shares of NYSE GPMT opened at $9.44 on Friday. Granite Point Mortgage Trust has a twelve month low of $8.81 and a twelve month high of $15.42. The stock has a fifty day simple moving average of $10.23 and a 200-day simple moving average of $11.07. The stock has a market capitalization of $508.44 million, a PE ratio of 13.30 and a beta of 1.37.

Granite Point Mortgage Trust (NYSE:GPMTGet Rating) last released its earnings results on Tuesday, May 10th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.03 by $0.02. Granite Point Mortgage Trust had a return on equity of 3.28% and a net margin of 23.50%. During the same quarter in the previous year, the business posted $0.36 earnings per share. As a group, analysts expect that Granite Point Mortgage Trust will post 0.61 EPS for the current year.

A number of analysts have issued reports on the company. Credit Suisse Group decreased their price target on Granite Point Mortgage Trust to $13.00 in a report on Friday, May 20th. JMP Securities dropped their price target on Granite Point Mortgage Trust from $15.00 to $13.00 and set a “market outperform” rating on the stock in a research report on Friday.

Institutional investors have recently modified their holdings of the business. Wells Fargo & Company MN grew its stake in shares of Granite Point Mortgage Trust by 74.9% during the second quarter. Wells Fargo & Company MN now owns 65,485 shares of the company’s stock valued at $966,000 after acquiring an additional 28,043 shares in the last quarter. California State Teachers Retirement System lifted its holdings in Granite Point Mortgage Trust by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 75,828 shares of the company’s stock worth $888,000 after acquiring an additional 1,183 shares during the last quarter. Graham Capital Management L.P. bought a new stake in shares of Granite Point Mortgage Trust during the first quarter valued at approximately $588,000. Cubist Systematic Strategies LLC raised its holdings in shares of Granite Point Mortgage Trust by 280.3% during the fourth quarter. Cubist Systematic Strategies LLC now owns 49,709 shares of the company’s stock valued at $582,000 after buying an additional 36,639 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Granite Point Mortgage Trust by 14.1% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 46,371 shares of the company’s stock valued at $516,000 after acquiring an additional 5,717 shares during the period. 61.63% of the stock is currently owned by institutional investors.

About Granite Point Mortgage Trust (Get Rating)

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.

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Dividend History for Granite Point Mortgage Trust (NYSE:GPMT)

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