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

Granite Point Mortgage Trust Inc. (NYSE:GPMT - Get Free Report) declared a quarterly dividend on Tuesday, June 17th, RTT News reports. Shareholders 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 8.42%. The ex-dividend date is Tuesday, July 1st.

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.

Granite Point Mortgage Trust Trading Down 1.9%

Shares of GPMT traded down $0.05 during midday trading on Friday, reaching $2.38. 2,641,882 shares of the company were exchanged, compared to its average volume of 429,555. Granite Point Mortgage Trust has a 1-year low of $1.61 and a 1-year high of $3.66. The stock has a 50-day moving average price of $2.22 and a 200-day moving average price of $2.61. The company has a market cap of $114.97 million, a price-to-earnings ratio of -0.77 and a beta of 1.77.

Insider Activity at Granite Point Mortgage Trust

In other news, Director Lazar Nikolic acquired 47,832 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was purchased at an average cost of $2.50 per share, with a total value of $119,580.00. Following the completion of the acquisition, the director now directly owns 648,594 shares in the company, valued at $1,621,485. This represents a 7.96% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders bought a total of 55,953 shares of company stock valued at $138,197 over the last three months. 3.10% of the stock is owned by insiders.

Institutional Trading of Granite Point Mortgage Trust

An institutional investor recently raised its position in Granite Point Mortgage Trust stock. AQR Capital Management LLC boosted its position in Granite Point Mortgage Trust Inc. (NYSE:GPMT - Free Report) by 473.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 156,518 shares of the company's stock after buying an additional 129,222 shares during the quarter. AQR Capital Management LLC owned approximately 0.32% of Granite Point Mortgage Trust worth $407,000 at the end of the most recent quarter. Institutional investors and hedge funds own 51.63% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on GPMT shares. UBS Group reiterated a "buy" rating and issued a $3.25 price target (up previously from $2.50) on shares of Granite Point Mortgage Trust in a research note on Wednesday, May 21st. Keefe, Bruyette & Woods cut their price target on Granite Point Mortgage Trust from $2.50 to $2.25 and set a "market perform" rating on the stock in a research note on Wednesday, April 30th. Finally, Wall Street Zen upgraded Granite Point Mortgage Trust from a "sell" rating to a "hold" rating in a research note on Saturday.

About Granite Point Mortgage Trust

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.