Granite Point Mortgage Trust Inc (NYSE:GPMT) announced a quarterly dividend on Wednesday, September 18th, Zacks reports. Shareholders of record on Thursday, October 3rd will be paid a dividend of 0.42 per share on Friday, October 18th. This represents a $1.68 annualized dividend and a yield of 9.21%. The ex-dividend date is Wednesday, October 2nd.
Granite Point Mortgage Trust has a dividend 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. Research analysts expect Granite Point Mortgage Trust to earn $1.54 per share next year, which means the company may not be able to cover its $1.68 annual dividend with an expected future payout ratio of 109.1%.
GPMT traded up $0.11 during midday trading on Friday, hitting $18.24. 211,991 shares of the company were exchanged, compared to its average volume of 302,499. The company’s 50 day simple moving average is $18.49 and its 200 day simple moving average is $18.85. The firm has a market capitalization of $991.75 million, a price-to-earnings ratio of 12.85 and a beta of 0.42. The company has a current ratio of 28.84, a quick ratio of 28.84 and a debt-to-equity ratio of 1.44. Granite Point Mortgage Trust has a 1-year low of $17.45 and a 1-year high of $19.69.
Granite Point Mortgage Trust (NYSE:GPMT) last announced its quarterly earnings results on Monday, August 5th. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.03). The company had revenue of $27.83 million for the quarter, compared to analyst estimates of $28.90 million. Granite Point Mortgage Trust had a return on equity of 7.57% and a net margin of 31.28%. On average, equities analysts anticipate that Granite Point Mortgage Trust will post 1.43 EPS for the current year.
In other Granite Point Mortgage Trust news, COO Steven Plust acquired 10,600 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was bought at an average price of $18.56 per share, for a total transaction of $196,736.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 2.00% of the stock is currently owned by corporate insiders.
A number of research analysts recently weighed in on the stock. Raymond James lowered shares of Granite Point Mortgage Trust from a “strong-buy” rating to an “outperform” rating and decreased their price target for the company from $21.00 to $20.50 in a research note on Tuesday, August 13th. Zacks Investment Research lowered shares of Granite Point Mortgage Trust from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st.
Granite Point Mortgage Trust Company Profile
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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