Granite Real Estate Inc. Staple (NYSE:GRP.U) Shares Gap Down - Here's What Happened

Granite Real Estate Inc. Staple (NYSE:GRP.U - Get Free Report)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $47.79, but opened at $44.00. Granite Real Estate Inc. Staple shares last traded at $47.66, with a volume of 9,730 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of Granite Real Estate Inc. Staple from a "buy" rating to a "strong-buy" rating in a research note on Thursday, January 16th.

Granite Real Estate Inc. Staple Stock Down 1.1 %

The company has a market capitalization of $2.93 billion and a price-to-earnings ratio of 13.16. The firm's 50 day simple moving average is $47.66 and its 200-day simple moving average is $51.95. 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 disclosed a monthly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.1981 dividend. The ex-dividend date is Monday, March 31st. This represents a $2.38 dividend on an annualized basis and a yield of 5.05%. Granite Real Estate Inc. Staple's payout ratio is 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.