Granite Point Mortgage Trust Inc (NYSE:GPMT) declared a quarterly dividend on Thursday, March 21st, Wall Street Journal reports. Stockholders of record on Monday, April 1st will be paid a dividend of 0.42 per share on Thursday, April 18th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 8.81%. The ex-dividend date is Friday, March 29th.
Granite Point Mortgage Trust has a payout ratio of 109.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Granite Point Mortgage Trust to earn $1.69 per share next year, which means the company should continue to be able to cover its $1.68 annual dividend with an expected future payout ratio of 99.4%.
Granite Point Mortgage Trust stock traded down $0.03 during mid-day trading on Monday, reaching $19.07. 315,900 shares of the company were exchanged, compared to its average volume of 699,372. Granite Point Mortgage Trust has a 12 month low of $16.43 and a 12 month high of $19.69. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.64 and a quick ratio of 1.64. The firm has a market cap of $996.45 million, a PE ratio of 13.43 and a beta of 0.34.
GPMT has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered Granite Point Mortgage Trust from an “overweight” rating to a “neutral” rating and set a $19.50 price target on the stock. in a research note on Wednesday, January 16th. Zacks Investment Research upgraded Granite Point Mortgage Trust from a “sell” rating to a “hold” rating in a research note on Tuesday, January 8th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Granite Point Mortgage Trust currently has an average rating of “Hold” and a consensus price target of $20.17.
In related news, COO Steven Plust sold 4,523 shares of the firm’s stock in a transaction on Wednesday, January 30th. The stock was sold at an average price of $19.55, for a total transaction of $88,424.65. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider John A. Taylor sold 10,734 shares of the firm’s stock in a transaction on Wednesday, January 30th. The shares were sold at an average price of $19.50, for a total value of $209,313.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,647 shares of company stock worth $344,432. Corporate insiders own 2.10% of the company’s stock.
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About Granite Point Mortgage Trust
Granite Point Mortgage Trust Inc 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. As of December 31, 2018, its investment portfolio includes 94 commercial real estate debt investments.
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