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

Granite Real Estate Inc. Staple (NYSE:GRP.U) shares gapped up prior to trading on Tuesday . The stock had previously closed at $45.56, but opened at $47.05. Granite Real Estate Inc. Staple shares last traded at $48.23, with a volume of 13,330 shares traded.

Analyst Upgrades and Downgrades

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 Thursday, January 16th.

Granite Real Estate Inc. Staple Stock Performance

The company has a market capitalization of $3.00 billion and a P/E ratio of 13.47. The business has a 50 day moving average of $47.67 and a 200 day moving average of $51.89. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.57.

Granite Real Estate Inc. Staple Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $0.1981 dividend. This represents a $2.38 annualized dividend and a dividend yield of 4.93%. The ex-dividend date of this dividend is Monday, March 31st. Granite Real Estate Inc. Staple’s payout ratio is 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.