Granite Real Estate Inc. Staple (NYSE:GRP.U) Stock Price Down 8.9% – Should You Sell?

Shares of Granite Real Estate Inc. Staple (NYSE:GRP.U) dropped 8.9% on Thursday . The company traded as low as $50.54 and last traded at $50.54. Approximately 322 shares traded hands during trading, a decline of 98% from the average daily volume of 14,373 shares. The stock had previously closed at $55.49.

Analysts Set New Price Targets

Separately, StockNews.com raised Granite Real Estate Inc. Staple from a “buy” rating to a “strong-buy” rating in a report on Friday, October 25th.

Granite Real Estate Inc. Staple Stock Down 7.7 %

The stock has a market capitalization of $3.21 billion, a P/E ratio of 21.15 and a beta of 1.21. The business has a 50-day simple moving average of $57.62 and a two-hundred day simple moving average of $53.42. 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 company also recently declared a monthly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a dividend of $0.1994 per share. This represents a $2.39 annualized dividend and a yield of 4.67%. The ex-dividend date of this dividend is Thursday, October 31st. Granite Real Estate Inc. Staple’s dividend payout ratio is currently 91.39%.

Granite Real Estate Inc. Staple 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.