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

Granite Real Estate Inc. Staple (NYSE:GRP.U)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $47.97, but opened at $46.55. Granite Real Estate Inc. Staple shares last traded at $46.93, with a volume of 15,556 shares.

Wall Street Analysts Forecast Growth

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

Granite Real Estate Inc. Staple Stock Performance

The stock has a market capitalization of $2.91 billion and a price-to-earnings ratio of 13.04. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The firm has a fifty day moving average of $47.82 and a 200-day moving average of $52.46.

Granite Real Estate Inc. Staple Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.1997 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 5.13%. The ex-dividend date is Friday, February 28th. This is a positive change from Granite Real Estate Inc. Staple’s previous monthly dividend of $0.20. Granite Real Estate Inc. Staple’s dividend payout ratio is currently 32.85%.

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.