Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Price Crosses Above 50 Day Moving Average of $61.46

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $61.46 and traded as high as $62.32. Granite Real Estate Investment Trust shares last traded at $62.27, with a volume of 33,632 shares trading hands.

GRT.UN has been the topic of several analyst reports. TD Securities reduced their price objective on Granite Real Estate Investment Trust from C$72.00 to C$71.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. CIBC reiterated a “buy” rating and issued a C$69.00 price objective on shares of Granite Real Estate Investment Trust in a research note on Sunday, August 4th. Desjardins increased their price objective on Granite Real Estate Investment Trust from C$64.00 to C$65.00 in a research note on Friday, May 10th. Finally, Royal Bank of Canada increased their price objective on Granite Real Estate Investment Trust from C$66.00 to C$67.00 in a research note on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of C$68.30.

The firm has a market capitalization of $2.86 billion and a PE ratio of 6.11. The stock’s fifty day simple moving average is C$61.45. The company has a current ratio of 7.26, a quick ratio of 6.58 and a debt-to-equity ratio of 46.62.

The firm also recently announced a monthly dividend, which will be paid on Thursday, August 15th. Investors of record on Thursday, August 15th will be issued a $0.233 dividend. This represents a $2.80 annualized dividend and a yield of 4.49%. The ex-dividend date of this dividend is Tuesday, July 30th. Granite Real Estate Investment Trust’s dividend payout ratio (DPR) is presently 27.49%.

About Granite Real Estate Investment Trust (TSE:GRT.UN)

Granite is a Canadian based REIT engaged in the acquisition, development, ownership and management of industrial, warehouse and logistics properties in North America and Europe. Granite owns over 85 investment properties representing approximately 34 million square feet of leasable area.

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