Granite Real Estate (NYSE:GRP.U) Stock Price Down 5.9% - Time to Sell?

Granite Real Estate Inc. (NYSE:GRP.U - Get Free Report) shares were down 5.9% during trading on Thursday . The company traded as low as $51.66 and last traded at $50.37. Approximately 116 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 12,254 shares. The stock had previously closed at $53.50.

Wall Street Analyst Weigh In

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

Granite Real Estate Stock Up 0.7%

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 firm's 50 day simple moving average is $48.66 and its two-hundred day simple moving average is $47.74.

Granite Real Estate Increases Dividend

The firm also recently disclosed 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. This is a boost from Granite Real Estate's previous monthly dividend of $0.20. The ex-dividend date is Monday, June 30th. This represents a $2.50 annualized dividend and a yield of 4.95%. Granite Real Estate's payout ratio is 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.