Granite Real Estate Investment Trust (TSE:GRT.UN) Share Price Crosses Below 200-Day Moving Average of $73.00

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) shares crossed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$73.00 and traded as low as C$68.67. Granite Real Estate Investment Trust shares last traded at C$69.35, with a volume of 195,480 shares traded.

Analysts Set New Price Targets

A number of analysts have commented on GRT.UN shares. Laurentian upped their price target on Granite Real Estate Investment Trust from C$80.00 to C$90.00 and gave the stock a “buy” rating in a research report on Monday, January 22nd. BMO Capital Markets increased their price target on Granite Real Estate Investment Trust from C$81.00 to C$84.00 in a research note on Monday, March 4th. Royal Bank of Canada increased their price target on Granite Real Estate Investment Trust from C$86.00 to C$89.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. Desjardins lifted their price target on Granite Real Estate Investment Trust from C$84.00 to C$87.00 and gave the company a “buy” rating in a report on Friday, March 1st. Finally, Raymond James lifted their price target on Granite Real Estate Investment Trust from C$90.00 to C$91.00 and gave the stock a “strong-buy” rating in a research report on Monday, January 8th. Seven investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Granite Real Estate Investment Trust currently has an average rating of “Buy” and a consensus price target of C$88.33.

Granite Real Estate Investment Trust Stock Performance

The stock’s 50 day simple moving average is C$74.59 and its two-hundred day simple moving average is C$73.00. The company has a debt-to-equity ratio of 58.81, a current ratio of 0.40 and a quick ratio of 1.61. The company has a market capitalization of C$4.39 billion, a P/E ratio of 32.11 and a beta of 1.14.

Granite Real Estate Investment Trust Dividend Announcement

The company also recently declared a monthly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 15th were given a dividend of $0.275 per share. This represents a $3.30 annualized dividend and a yield of 4.76%. The ex-dividend date was Wednesday, March 27th. Granite Real Estate Investment Trust’s dividend payout ratio (DPR) is currently 152.78%.

About Granite Real Estate Investment Trust

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.