Granite Real Estate Inc. Staple (NYSE:GRP.U) Reaches New 52-Week Low - Here's Why

Granite Real Estate Inc. Staple (NYSE:GRP.U - Get Free Report)'s stock price hit a new 52-week low during trading on Friday . The stock traded as low as $43.15 and last traded at $43.67, with a volume of 627 shares trading hands. The stock had previously closed at $46.26.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded 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 Stock Performance

The stock's 50 day moving average price is $46.90 and its 200 day moving average price is $50.77. The company has a market capitalization of $2.64 billion and a price-to-earnings ratio of 11.86. 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 firm also recently announced a monthly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.1981 per share. This represents a $2.38 annualized dividend and a yield of 5.60%. The ex-dividend date is Monday, March 31st. Granite Real Estate Inc. Staple's payout ratio is 28.06%.

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.