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

Key Points

• Granite Point announced a quarterly dividend of $0.05 per share, payable April 15 to holders of record on April 1 (ex-dividend date April 1), implying a reported annualized yield of 14.1%.
• The dividend appears potentially unsustainable: the company has a negative payout ratio (-42.6%) and reported negative earnings (quarterly EPS -$0.06 and analysts forecasting -2.75 EPS for the year), meaning it cannot currently cover the dividend with earnings and is relying on its balance sheet.
• Granite Point is a small-cap REIT (market cap ≈ $67.3M) with a negative P/E (-1.22), a one-year price range of $1.40–$3.12, and roughly 51.6% institutional ownership amid recent large stake changes by hedge funds.

Granite Point Mortgage Trust Inc. (NYSE:GPMT - Get Free Report) announced a quarterly dividend on Friday, March 13th. Stockholders of record on Wednesday, April 1st will be paid a dividend of 0.05 per share on Wednesday, April 15th. This represents a c) annualized dividend and a dividend yield of 14.1%. The ex-dividend date of this dividend is Wednesday, April 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% 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 Stock Performance

NYSE GPMT opened at $1.42 on Monday. The firm has a market cap of $67.30 million, a price-to-earnings ratio of -1.22 and a beta of 1.72. The firm has a 50 day simple moving average of $1.88 and a 200-day simple moving average of $2.41. Granite Point Mortgage Trust has a one year low of $1.40 and a one year high of $3.12.

Granite Point Mortgage Trust (NYSE:GPMT - Get Free Report) last posted its quarterly earnings data on Wednesday, February 11th. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.16) by $0.10. The business had revenue of $10.55 million for the quarter, compared to analyst estimates of $10.22 million. Granite Point Mortgage Trust had a negative return on equity of 15.52% and a negative net margin of 31.24%. Equities analysts predict that Granite Point Mortgage Trust will post -2.75 EPS for the current fiscal year.

Institutional Trading of Granite Point Mortgage Trust

Several institutional investors and hedge funds have recently bought and sold shares of the business. Marshall Wace LLP grew its stake in Granite Point Mortgage Trust by 9,425.4% in the 2nd quarter. Marshall Wace LLP now owns 1,007,221 shares of the company's stock valued at $2,488,000 after acquiring an additional 996,647 shares during the last quarter. Purpose Unlimited Inc. purchased a new stake in shares of Granite Point Mortgage Trust in the fourth quarter valued at about $2,082,000. Jane Street Group LLC grew its position in shares of Granite Point Mortgage Trust by 1,020.8% in the second quarter. Jane Street Group LLC now owns 720,441 shares of the company's stock valued at $1,779,000 after purchasing an additional 656,164 shares during the last quarter. Two Sigma Investments LP acquired a new stake in shares of Granite Point Mortgage Trust in the third quarter valued at approximately $560,000. Finally, 683 Capital Management LLC acquired a new position in shares of Granite Point Mortgage Trust during the 4th quarter worth approximately $440,000. Hedge funds and other 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.

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