Granite Real Estate (NYSE:GRP.U) Shares Gap Down - Time to Sell?

Shares of Granite Real Estate Inc. (NYSE:GRP.U - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $54.03, but opened at $50.11. Granite Real Estate shares last traded at $49.95, with a volume of 680 shares traded.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered shares of Granite Real Estate from a "strong-buy" rating to a "buy" rating in a report on Friday, May 9th.

Granite Real Estate Stock Performance

The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.54. The business has a 50-day moving average of $48.34 and a 200-day moving average of $47.77.

Granite Real Estate Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $0.2084 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.50 dividend on an annualized basis and a yield of 5.01%. This is a boost from Granite Real Estate's previous monthly dividend of $0.20. Granite Real Estate's dividend payout ratio (DPR) is currently 21.82%.

About Granite Real Estate

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.