Granite Real Estate Inc. Staple (NYSE:GRP.U) Shares Gap Down to $58.87

Granite Real Estate Inc. Staple (NYSE:GRP.U)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $58.87, but opened at $56.70. Granite Real Estate Inc. Staple shares last traded at $56.70, with a volume of 417 shares traded.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Granite Real Estate Inc. Staple from a “hold” rating to a “buy” rating in a report on Friday, May 10th.

Granite Real Estate Inc. Staple Price Performance

The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.37 and a current ratio of 0.37. The company has a market capitalization of $3.51 billion, a P/E ratio of 22.19 and a beta of 1.20. The firm’s fifty day moving average is $53.43 and its 200 day moving average is $52.78.

Granite Real Estate Inc. Staple Cuts Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.199 per share. This represents a $2.39 dividend on an annualized basis and a dividend yield of 4.27%. The ex-dividend date of this dividend is Friday, August 30th. Granite Real Estate Inc. Staple’s dividend payout ratio is currently 94.84%.

About Granite Real Estate Inc. Staple

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.