Granite Real Estate Inc. Staple (NYSE:GRP.U) Shares Gap Up to $56.05

Granite Real Estate Inc. Staple (NYSE:GRP.U) shares gapped up prior to trading on Thursday . The stock had previously closed at $56.05, but opened at $57.25. Granite Real Estate Inc. Staple shares last traded at $57.25, with a volume of 100 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded Granite Real Estate Inc. Staple from a “buy” rating to a “hold” rating in a report on Friday, March 1st.

Granite Real Estate Inc. Staple Price Performance

The stock has a market cap of $3.56 billion, a price-to-earnings ratio of 35.93 and a beta of 1.11. The stock has a fifty day simple moving average of $55.37 and a 200-day simple moving average of $53.93. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 0.53.

Granite Real Estate Inc. Staple Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, April 15th. Stockholders of record on Thursday, March 28th will be given a $0.203 dividend. This represents a $2.44 annualized dividend and a dividend yield of 4.33%. The ex-dividend date is Wednesday, March 27th. Granite Real Estate Inc. Staple’s payout ratio is 152.83%.

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.