Granite Real Estate Inc. Staple (NYSE:GRP.U) Shares Down 8.9% – What’s Next?

Shares of Granite Real Estate Inc. Staple (NYSE:GRP.U) dropped 8.9% on Thursday . The company traded as low as $50.54 and last traded at $50.54. Approximately 322 shares were traded during trading, a decline of 98% from the average daily volume of 14,373 shares. The stock had previously closed at $55.49.

Analysts Set New Price Targets

Separately, StockNews.com lowered Granite Real Estate Inc. Staple from a “strong-buy” rating to a “buy” rating in a report on Saturday.

Granite Real Estate Inc. Staple Price Performance

The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.52. The company has a market cap of $3.36 billion, a price-to-earnings ratio of 20.07 and a beta of 1.21. The company has a fifty day simple moving average of $57.55 and a two-hundred day simple moving average of $53.43.

Granite Real Estate Inc. Staple Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a $0.1994 dividend. This represents a $2.39 annualized dividend and a yield of 4.46%. The ex-dividend date is Thursday, October 31st. Granite Real Estate Inc. Staple’s dividend payout ratio (DPR) is 91.39%.

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.