Granite Real Estate Inc. Staple (NYSE:GRP.U) Shares Gap Up – Still a Buy?

Granite Real Estate Inc. Staple (NYSE:GRP.U)’s stock price 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 changing hands.

Wall Street Analyst Weigh In

Separately, StockNews.com raised 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 Price Performance

The firm has a 50-day simple moving average of $47.67 and a 200-day simple moving average of $51.89. The firm has a market cap of $3.00 billion and a P/E ratio of 13.47. The company has a current ratio of 1.34, a quick 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. Investors of record on Monday, March 31st will be given a dividend of $0.1981 per share. This represents a $2.38 dividend on an annualized basis and a yield of 4.93%. The ex-dividend date of this dividend is Monday, March 31st. Granite Real Estate Inc. Staple’s payout ratio is currently 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.