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

Granite Real Estate Inc. (NYSE:GRP.U - Get Free Report)'s share price 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 Granite Real Estate from a "strong-buy" rating to a "buy" rating in a research report on Friday, May 9th.

Granite Real Estate Price Performance

The company has a 50-day moving average price of $48.66 and a 200-day moving average price of $47.76. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.54.

Granite Real Estate Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $0.2084 per share. This is a positive change from Granite Real Estate's previous monthly dividend of $0.20. This represents a $2.50 annualized dividend and a dividend yield of 4.95%. The ex-dividend date of this dividend is Monday, June 30th. Granite Real Estate's payout ratio is presently 21.82%.

Granite Real Estate 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.