Granite Real Estate Inc. Staple (NYSE:GRP.U) Shares Gap Up – Here’s Why

Shares of Granite Real Estate Inc. Staple (NYSE:GRP.U) gapped up before the market opened on Wednesday . The stock had previously closed at $55.00, but opened at $59.32. Granite Real Estate Inc. Staple shares last traded at $54.00, with a volume of 501 shares traded.

Granite Real Estate Inc. Staple Stock Performance

The company has a market cap of $3.16 billion, a price-to-earnings ratio of 20.04 and a beta of 1.21. The firm has a 50-day simple moving average of $57.43 and a 200 day simple moving average of $53.44. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.52.

Granite Real Estate Inc. Staple Cuts Dividend

The business also recently announced 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 4.75%. The ex-dividend date is Thursday, October 31st. Granite Real Estate Inc. Staple’s payout ratio is currently 91.39%.

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.