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

Granite Point Mortgage Trust Inc. (NYSE:GPMT - Get Free Report) announced a quarterly dividend on Tuesday, June 17th, RTT News reports. Stockholders of record on Tuesday, July 1st will be paid a dividend of 0.05 per share on Tuesday, July 15th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 7.77%.

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.

Granite Point Mortgage Trust Price Performance

Granite Point Mortgage Trust stock traded up $0.28 during midday trading on Wednesday, hitting $2.58. The company's stock had a trading volume of 52,503 shares, compared to its average volume of 412,893. The company has a market cap of $124.66 million, a price-to-earnings ratio of -0.84 and a beta of 1.77. Granite Point Mortgage Trust has a 1-year low of $1.61 and a 1-year high of $3.66. The company has a 50-day moving average price of $2.19 and a two-hundred day moving average price of $2.63.

Insider Buying and Selling at Granite Point Mortgage Trust

In other Granite Point Mortgage Trust news, Director Lazar Nikolic purchased 47,832 shares of the firm's stock in a transaction dated Wednesday, May 21st. The shares were bought at an average price of $2.50 per share, for a total transaction of $119,580.00. Following the purchase, the director now owns 648,594 shares in the company, valued at approximately $1,621,485. This trade represents a 7.96% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought a total of 55,953 shares of company stock valued at $138,197 in the last ninety days. 3.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Granite Point Mortgage Trust stock. AQR Capital Management LLC grew its stake in Granite Point Mortgage Trust Inc. (NYSE:GPMT - Free Report) by 473.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 156,518 shares of the company's stock after purchasing an additional 129,222 shares during the period. AQR Capital Management LLC owned about 0.32% of Granite Point Mortgage Trust worth $407,000 as of its most recent filing with the Securities and Exchange Commission. 51.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. JMP Securities reiterated a "market perform" rating on shares of Granite Point Mortgage Trust in a research report on Tuesday, February 18th. Keefe, Bruyette & Woods dropped their price objective on Granite Point Mortgage Trust from $2.50 to $2.25 and set a "market perform" rating for the company in a report on Wednesday, April 30th. Finally, UBS Group reiterated a "buy" rating and set a $3.25 target price (up from $2.50) on shares of Granite Point Mortgage Trust in a research report on Wednesday, May 21st.

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.

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