Granite Real Estate Inc. Staple (NYSE:GRP.U) Shares Up 8.3% – Should You Buy?

Granite Real Estate Inc. Staple (NYSE:GRP.U) shares shot up 8.3% during mid-day trading on Monday . The stock traded as high as $60.61 and last traded at $60.61. 206 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 14,770 shares. The stock had previously closed at $55.96.

Granite Real Estate Inc. Staple Stock Performance

The firm has a market cap of $3.80 billion, a PE ratio of 24.05 and a beta of 1.21. The company has a 50 day simple moving average of $56.77 and a 200-day simple moving average of $53.40. 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 Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Friday, September 27th will be given a $0.204 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.45 annualized dividend and a yield of 4.04%. This is an increase from Granite Real Estate Inc. Staple’s previous monthly dividend of $0.20. Granite Real Estate Inc. Staple’s payout ratio is presently 96.83%.

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.