Granite Point Mortgage Trust Inc (NYSE:GPMT) declared a quarterly dividend on Thursday, March 21st, Wall Street Journal reports. Shareholders of record on Monday, April 1st will be given a dividend of 0.42 per share on Thursday, April 18th. This represents a $1.68 annualized dividend and a yield of 8.99%. The ex-dividend date of this dividend 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. Equities 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%.
GPMT stock traded up $0.09 during midday trading on Thursday, hitting $18.68. 384,155 shares of the company’s stock were exchanged, compared to its average volume of 755,634. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 1.11. The firm has a market cap of $950.69 million, a PE ratio of 13.15 and a beta of 0.34. Granite Point Mortgage Trust has a one year low of $16.43 and a one year high of $19.69.
In other Granite Point Mortgage Trust news, COO Steven Plust sold 4,523 shares of Granite Point Mortgage Trust stock in a transaction dated Wednesday, January 30th. The stock was sold at an average price of $19.55, for a total value of $88,424.65. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John A. Taylor sold 10,734 shares of Granite Point Mortgage Trust stock in a transaction dated 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. Insiders sold a total of 17,647 shares of company stock worth $344,432 in the last three months. Company insiders own 2.10% of the company’s stock.
Several research analysts have weighed in on the company. JPMorgan Chase & Co. lowered Granite Point Mortgage Trust from an “overweight” rating to a “neutral” rating and set a $19.50 target price on the stock. in a report on Wednesday, January 16th. Zacks Investment Research upgraded Granite Point Mortgage Trust from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a report on Monday, February 11th. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $20.10.
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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, 2017, its investment portfolio includes 61 commercial real estate debt investments.
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