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

Granite Point Mortgage Trust Inc. (NYSE:GPMT) 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 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 Up 1.1%

GPMT opened at $1.42 on Monday. The firm has a market cap of $67.30 million, a P/E ratio of -1.22 and a beta of 1.72. The business’s fifty day simple moving average is $1.88 and its 200 day simple moving average is $2.41. Granite Point Mortgage Trust has a 52 week low of $1.40 and a 52 week high of $3.12.

Granite Point Mortgage Trust (NYSE:GPMT) last announced its earnings results on Wednesday, February 11th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.10. Granite Point Mortgage Trust had a negative net margin of 31.24% and a negative return on equity of 15.52%. The firm had revenue of $10.55 million during the quarter, compared to the consensus estimate of $10.22 million. As a group, equities analysts expect that Granite Point Mortgage Trust will post -2.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. MetLife Investment Management LLC increased its position in shares of Granite Point Mortgage Trust by 68.3% during the first quarter. MetLife Investment Management LLC now owns 21,334 shares of the company’s stock worth $55,000 after acquiring an additional 8,658 shares during the last quarter. AQR Capital Management LLC increased its holdings in Granite Point Mortgage Trust by 473.4% during the 1st quarter. AQR Capital Management LLC now owns 156,518 shares of the company’s stock worth $407,000 after purchasing an additional 129,222 shares during the last quarter. XTX Topco Ltd increased its holdings in Granite Point Mortgage Trust by 146.2% during the 2nd quarter. XTX Topco Ltd now owns 122,720 shares of the company’s stock worth $303,000 after purchasing an additional 72,880 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of Granite Point Mortgage Trust in the 2nd quarter valued at approximately $83,000. Finally, Marshall Wace LLP boosted its stake in shares of Granite Point Mortgage Trust by 9,425.4% during the 2nd quarter. Marshall Wace LLP now owns 1,007,221 shares of the company’s stock valued at $2,488,000 after buying an additional 996,647 shares during the last quarter. 51.63% of the stock is owned by hedge funds and other institutional investors.

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.