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

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

Granite Point Mortgage Trust has decreased its dividend payment by an average of 0.2%annually over the last three years. Granite Point Mortgage Trust has a payout ratio of -42.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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

GPMT opened at $1.45 on Wednesday. The company has a market capitalization of $69.24 million, a price-to-earnings ratio of -1.35 and a beta of 1.63. Granite Point Mortgage Trust has a 1-year low of $1.24 and a 1-year high of $3.12. The business has a 50 day moving average price of $1.45 and a two-hundred day moving average price of $1.88.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GPMT. LPL Financial LLC bought a new position in shares of Granite Point Mortgage Trust in the fourth quarter valued at $25,000. Advisory Services Network LLC bought a new position in shares of Granite Point Mortgage Trust in the third quarter valued at $26,000. B. Riley Wealth Advisors Inc. bought a new position in shares of Granite Point Mortgage Trust in the second quarter valued at $28,000. Hudson Bay Capital Management LP bought a new position in shares of Granite Point Mortgage Trust in the second quarter valued at $31,000. Finally, Jump Financial LLC bought a new position in shares of Granite Point Mortgage Trust in the second quarter valued at $31,000. Institutional investors own 51.63% of the company’s stock.

About Granite Point Mortgage Trust

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.