Granite Point Mortgage Trust: Precarious 64% Discount To Book Value And 17% Dividend Yield [Seeking Alpha]
Granite Point Mortgage Trust Inc. (GPMT)
Last granite point mortgage trust inc. earnings: 3/2 04:56 pm
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investors.gpmortgagetrust.com
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Source: Seeking Alpha
The mREIT's 17% dividend yield is not being covered by distributable earnings. A further dip in book value looks likely without a cut to the quarterly distribution. Granite Point Mortgage Trust's ( NYSE: GPMT ) book value stood at $12.91 per share at the end of its recent fiscal 2023 fourth quarter. This included a $2.71 per share CECL reserve but means GPMT at $4.71 per share is trading at a material 64% discount to book value. This comes as the externally managed mREIT last declared a $0.20 per share quarterly cash dividend, unchanged sequentially and $0.80 annualized for a 17% forward dividend yield. The aggregate of a material dividend yield and a substantial discount to book with the commons going for 36 cents on the dollar form dual reasons for current shareholders to possibly keep their position despite office armageddon. I last covered GPMT in early 2023 to highlight the better stability posed by its floating Series A Preferreds ( NYSE: GPMT.PR.A GPMT's loan portfolio h
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News
- Positive Signs As Multiple Insiders Buy Granite Point Mortgage Trust Stock [Yahoo! Finance]Yahoo! Finance
- Granite Point Mortgage Trust Inc. Announces Dates for First Quarter 2024 Earnings Release and Conference Call [Yahoo! Finance]Yahoo! Finance
- Granite Point Mortgage Trust Inc. Announces Dates for First Quarter 2024 Earnings Release and Conference CallBusiness Wire
- Granite Point Mortgage Trust Inc. (NYSE: GPMT) had its price target lowered by analysts at Keefe, Bruyette & Woods from $5.00 to $4.75. They now have an "underperform" rating on the stock.MarketBeat
- Granite Point Mortgage Trust Inc. (NYSE: GPMT) had its price target lowered by analysts at UBS Group AG from $6.50 to $6.00. They now have a "buy" rating on the stock.MarketBeat
GPMT
Earnings
- 2/14/24 - Beat
GPMT
Sec Filings
- 4/22/24 - Form ARS
- 4/22/24 - Form DEFA14A
- 4/22/24 - Form DEF
- GPMT's page on the SEC website