Granite Real Estate Inc. Staple (NYSE:GRP.U) Shares Gap Down – Time to Sell?

Granite Real Estate Inc. Staple (NYSE:GRP.U) shares gapped down before the market opened on Thursday . The stock had previously closed at $53.14, but opened at $50.00. Granite Real Estate Inc. Staple shares last traded at $54.31, with a volume of 438 shares changing hands.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of Granite Real Estate Inc. Staple from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 2nd.

Granite Real Estate Inc. Staple Price Performance

The company has a 50 day moving average of $57.39 and a 200 day moving average of $53.49. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of 20.34 and a beta of 1.21. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.52.

Granite Real Estate Inc. Staple Cuts Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a $0.1994 dividend. The ex-dividend date is Thursday, October 31st. This represents a $2.39 annualized dividend and a dividend yield of 4.41%. Granite Real Estate Inc. Staple’s dividend payout ratio is presently 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.