Granite Real Estate Inc. Staple (NYSE:GRP.U) Shares Gap Down – Here’s What Happened
Granite Real Estate Inc. Staple (NYSE:GRP.U) experienced a gap down in share price before the market opened on Tuesday. Previously closing at $45.26, the stock opened at a lower value of $43.90. The last recorded trading price was $44.18, with trading volume reaching 2,226 shares.
Recently, StockNews.com upgraded the rating of Granite Real Estate Inc. Staple from a “buy” to a “strong-buy”. This adjustment in rating came through a research report published on Thursday, January 16th.
To give you a broader view, the business’s 50-day simple moving average stands at $45.99, while the two-hundred-day simple moving average is $49.62. The company’s financial health seems solid with a quick ratio and a current ratio both at 1.34, along with a debt-to-equity ratio of 0.57. Granite Real Estate Inc. Staple supports a market capitalization of $2.75 billion and a P/E ratio of 12.32.
On a positive note, the firm declared an upcoming monthly dividend which will be distributed on Thursday, May 15th. Shareholders registered by Wednesday, April 30th will receive a dividend of $0.2042 per share. This equates to an annualized dividend of $2.45, providing a yield of 5.56%. This marks a favorable change from Granite Real Estate Inc. Staple’s prior monthly dividend of $0.20. The ex-dividend date is set for Wednesday, April 30th. Presently, the dividend payout ratio for Granite Real Estate Inc. Staple stands at 28.06%.
Granite Real Estate Investment Trust engages in owning and managing primarily industrial properties across regions including Canada, the United States, Mexico, and Europe. The company focuses on owning and managing rental income properties. Its range of services includes sourcing and real estate acquisition, site development, government approvals and re-zoning for specific purposes, build-to-suit construction, property renovation, project management, and long-term leasing.
Before considering an investment decision regarding Granite Real Estate Inc. Staple, it’s worthwhile to note market analyses. Currently holding a ‘Hold’ rating among analysts, the company is considered steady but not a top priority by Wall Street’s top-rated analysts, who favor other investments as potentially better opportunities.
