Granite Point Mortgage TrustNYSE: GPMT

Sino Land (SNLAY), Two Harbors (TWO) and Grantite Point (GPMT) are three real estate stocks to look into as mortgage rates continue to rise despite Fed rate cuts.

NEW YORK--(BUSINESS WIRE)--Granite Point Mortgage Trust Inc. Announces Third Quarter 2024 Common and Preferred Stock Dividends and Business Update.

Granite Point Mortgage Trust has shed 50% over the last year due to the extreme discombobulation of its loan portfolio. Book value per share dipped by 11.7% sequentially during the mREIT's fiscal 2024 second quarter. The dividend has been cut by nearly 70%. It should have been suspended to fund share buybacks with the mREIT currently trading at a 74% discount to book value.

Granite Point Mortgage Trust (GPMT) came out with a quarterly loss of $0.05 per share versus the Zacks Consensus Estimate of a loss of $0.08. This compares to earnings of $0.12 per share a year ago.

I have been very bearish on Granite Point, warning that a dividend cut was inevitable. Now that the dividend has been cut, I see two reasons why it makes sense to start bottom fishing. I flip bullish and present my updated thesis.

While stocks have been hitting all-time highs, investors might not want to sell. However, they might also be in need of passive income.

NEW YORK--(BUSINESS WIRE)--Granite Point Mortgage Trust Inc. Announces Second Quarter 2024 Common and Preferred Stock Dividends and Business Update.

Granite Point Mortgage Trust (GPMT) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.

Granite Point Mortgage Trust has cut its quarterly cash dividend by 25% to $0.15 per share. The mREIT's book value decreased by 13.7% sequentially due to a rise in provision for credit losses of $75.6 million. Despite this, I continue to hold a substantial amount of the 10.5% yielding preferred shares, with $155 million in unrestricted cash as of the end of the first quarter.