Granite Real Estate (NYSE:GRP.U) Stock Price Down 2.6% – Here’s What Happened

Granite Real Estate Inc. (NYSE:GRP.U) shares fell 2.6% on Tuesday . The company traded as low as $57.65 and last traded at $57.65. 4,640 shares changed hands during trading, The stock had previously closed at $59.20.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded Granite Real Estate from a “strong-buy” rating to a “buy” rating in a research note on Friday, May 9th.

Granite Real Estate Stock Down 1.4%

The firm has a 50 day simple moving average of $53.48 and a two-hundred day simple moving average of $49.30. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market cap of $3.48 billion and a price-to-earnings ratio of 14.76.

Granite Real Estate Cuts Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be given a dividend of $0.2049 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a c) dividend on an annualized basis and a dividend yield of 4.3%. Granite Real Estate’s dividend payout ratio (DPR) is currently 10.36%.

About Granite Real Estate

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.