Granite Real Estate Inc. Staple (NYSE:GRP.U) Shares Gap Down – Here’s Why

Granite Real Estate Inc. Staple (NYSE:GRP.U) gapped down before the market opened on Wednesday . The stock had previously closed at $47.79, but opened at $44.00. Granite Real Estate Inc. Staple shares last traded at $47.66, with a volume of 9,730 shares traded.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of Granite Real Estate Inc. Staple from a “buy” rating to a “strong-buy” rating in a research report on Thursday, January 16th.

Granite Real Estate Inc. Staple Stock Performance

The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market cap of $2.95 billion and a PE ratio of 13.21. The business’s fifty day moving average price is $47.69 and its 200-day moving average price is $52.15.

Granite Real Estate Inc. Staple Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.1981 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.38 annualized dividend and a yield of 5.03%. Granite Real Estate Inc. Staple’s payout ratio is currently 32.85%.

Granite Real Estate Inc. Staple Company Profile

Granite Real Estate Investment Trust is engaged in the ownership and management of predominantly industrial properties in Canada, the United States, Mexico and Europe. The Company owns and manages rental income properties. Its services include sourcing and real estate acquisition, site development, assisting with government approvals and re-zoning to specific uses, build-to-suit construction, property renovation, project management and long-term leasing.