Granite Real Estate Inc. Staple (NYSE:GRP.U) Trading Down 8.9% – Here’s Why

Granite Real Estate Inc. Staple (NYSE:GRP.U)’s share price was down 8.9% during mid-day trading on Thursday . The company traded as low as $50.54 and last traded at $50.54. 322 shares changed hands during mid-day 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 upgraded Granite Real Estate Inc. Staple from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 25th.

Granite Real Estate Inc. Staple Trading Down 7.7 %

The firm has a market capitalization of $3.21 billion, a P/E ratio of 21.15 and a beta of 1.21. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.37 and a current ratio of 0.37. The firm has a 50 day moving average price of $57.62 and a two-hundred day moving average price of $53.42.

Granite Real Estate Inc. Staple Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be paid a $0.1994 dividend. This represents a $2.39 annualized dividend and a yield of 4.67%. The ex-dividend date is Thursday, October 31st. Granite Real Estate Inc. Staple’s dividend payout ratio is currently 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.