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

Key Points

• Granite Point Mortgage Trust Inc. declared a quarterly dividend of $0.05 per share, payable on October 15th to shareholders of record as of October 1st, resulting in an annualized yield of 6.7%.
• The company has a payout ratio of -42.6%, indicating it relies on its balance sheet rather than earnings to sustain dividend payments.
• Analysts have varied price targets for GPMT, with UBS Group raising it to $3.50 and an overall consensus target price of $3.13.

Granite Point Mortgage Trust Inc. (NYSE:GPMT - Get Free Report) declared a quarterly dividend on Wednesday, September 17th, RTT News reports. Shareholders of record on Wednesday, October 1st will be paid a dividend of 0.05 per share on Wednesday, October 15th. This represents a c) annualized dividend and a yield of 6.7%.

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 traded up $0.06 during trading hours on Wednesday, hitting $3.01. The company had a trading volume of 310,809 shares, compared to its average volume of 200,517. The firm has a 50 day simple moving average of $2.75 and a 200 day simple moving average of $2.51. Granite Point Mortgage Trust has a 52 week low of $1.61 and a 52 week high of $3.66. The firm has a market capitalization of $142.44 million, a price-to-earnings ratio of -1.42 and a beta of 1.83.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. UBS Group lifted their price target on Granite Point Mortgage Trust from $3.25 to $3.50 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Keefe, Bruyette & Woods lifted their price target on Granite Point Mortgage Trust from $2.25 to $2.75 and gave the company a "market perform" rating in a research report on Thursday, July 10th. Finally, Wall Street Zen raised Granite Point Mortgage Trust from a "sell" rating to a "hold" rating in a report on Saturday, June 21st. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $3.13.

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.

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