Granite Real Estate (NYSE:GRP.U) Shares Up 0.9% – Should You Buy?

Granite Real Estate Inc. (NYSE:GRP.U) shares shot up 0.9% on Monday . The company traded as high as $52.98 and last traded at $52.73. 2,200 shares were traded during trading, a decline of 81% from the average session volume of 11,661 shares. The stock had previously closed at $52.27.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of Granite Real Estate from a “strong-buy” rating to a “buy” rating in a research note on Friday, May 9th.

Granite Real Estate Stock Up 0.9%

The firm’s 50 day simple moving average is $50.11 and its 200 day simple moving average is $47.89. The company has a market cap of $3.23 billion and a price-to-earnings ratio of 14.56. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.54.

Granite Real Estate Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $0.2084 dividend. The ex-dividend date is Monday, June 30th. This represents a $2.50 annualized dividend and a dividend yield of 4.74%. This is a boost from Granite Real Estate’s previous monthly dividend of $0.20. Granite Real Estate’s dividend payout ratio is currently 16.57%.

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.