Granite Real Estate Inc. Staple (NYSE:GRP.U) Shares Up 1.3% - Here's What Happened

Granite Real Estate Inc. Staple (NYSE:GRP.U - Get Free Report)'s stock price was up 1.3% during mid-day trading on Monday . The stock traded as high as $52.66 and last traded at $52.23. Approximately 11,640 shares were traded during mid-day trading, a decline of 10% from the average daily volume of 12,922 shares. The stock had previously closed at $51.55.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut Granite Real Estate Inc. Staple from a "strong-buy" rating to a "buy" rating in a research note on Friday, May 9th.

Granite Real Estate Inc. Staple Price Performance

The company has a 50-day moving average of $46.33 and a 200-day moving average of $47.87. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a market capitalization of $3.23 billion and a price-to-earnings ratio of 14.48.

Granite Real Estate Inc. Staple Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, June 16th. Stockholders of record on Friday, May 30th will be given a dividend of $0.2026 per share. This represents a $2.43 annualized dividend and a dividend yield of 4.69%. The ex-dividend date of this dividend is Friday, May 30th. Granite Real Estate Inc. Staple's dividend payout ratio is 21.82%.

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.