Granite Real Estate Inc. Staple (NYSE:GRP.U) Shares Gap Up - Should You Buy?

Granite Real Estate Inc. Staple (NYSE:GRP.U - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $53.00, but opened at $54.85. Granite Real Estate Inc. Staple shares last traded at $54.90, with a volume of 301 shares.

Analyst Ratings Changes

Separately, StockNews.com upgraded Granite Real Estate Inc. Staple from a "buy" rating to a "strong-buy" rating in a report on Friday.

Granite Real Estate Inc. Staple Stock Up 1.9 %

The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.52. The stock has a 50-day simple moving average of $57.56 and a 200-day simple moving average of $53.40. The firm has a market capitalization of $3.39 billion, a PE ratio of 21.43 and a beta of 1.21.

Granite Real Estate Inc. Staple Cuts Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be issued a $0.1994 dividend. This represents a $2.39 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date of this dividend is Thursday, October 31st. Granite Real Estate Inc. Staple's payout ratio is currently 96.83%.

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.