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

Granite Real Estate Inc. Staple (NYSE:GRP.UGet Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $53.00, but opened at $54.85. Granite Real Estate Inc. Staple shares last traded at $54.90, with a volume of 301 shares trading hands.

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 Friday, October 25th.

Check Out Our Latest Stock Analysis on Granite Real Estate Inc. Staple

Granite Real Estate Inc. Staple Trading Down 8.9 %

The stock’s 50-day moving average price is $57.62 and its 200 day moving average price is $53.42. The firm has a market capitalization of $3.17 billion, a PE ratio of 19.18 and a beta of 1.21. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.37 and a quick ratio of 0.37.

Granite Real Estate Inc. Staple Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a dividend of $0.1994 per share. This represents a $2.39 dividend on an annualized basis and a dividend yield of 4.73%. The ex-dividend date is Thursday, October 31st. Granite Real Estate Inc. Staple’s dividend payout ratio (DPR) is 91.39%.

About Granite Real Estate Inc. Staple

(Get Free Report)

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.

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