Granite Real Estate Investment Trust (TSE:GRT.UN) Reaches New 1-Year High – Time to Buy?

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s share price hit a new 52-week high on Wednesday . The company traded as high as C$93.01 and last traded at C$93.01, with a volume of 44001 shares. The stock had previously closed at C$90.83.

Analyst Ratings Changes

A number of brokerages have recently commented on GRT.UN. Royal Bank Of Canada lifted their price objective on Granite Real Estate Investment Trust from C$90.00 to C$100.00 in a research report on Friday, February 27th. Canadian Imperial Bank of Commerce increased their target price on Granite Real Estate Investment Trust from C$90.00 to C$98.00 in a research report on Friday, February 27th. Raymond James Financial cut Granite Real Estate Investment Trust from a “strong-buy” rating to an “outperform” rating and lifted their price target for the company from C$93.00 to C$96.00 in a report on Wednesday, January 14th. TD Securities upped their price objective on shares of Granite Real Estate Investment Trust from C$94.00 to C$96.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Finally, BMO Capital Markets increased their price objective on shares of Granite Real Estate Investment Trust from C$87.00 to C$97.00 in a report on Friday, February 27th. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of C$93.38.

Granite Real Estate Investment Trust Trading Down 0.8%

The company has a debt-to-equity ratio of 57.74, a quick ratio of 1.61 and a current ratio of 0.35. The firm has a market capitalization of C$5.60 billion, a price-to-earnings ratio of 16.37 and a beta of 1.29. The business has a fifty day moving average price of C$86.83 and a 200 day moving average price of C$82.66.

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) last posted its quarterly earnings results on Wednesday, February 25th. The company reported C$2.24 earnings per share (EPS) for the quarter. The firm had revenue of C$161.76 million during the quarter. Granite Real Estate Investment Trust had a return on equity of 4.28% and a net margin of 42.50%. As a group, equities analysts forecast that Granite Real Estate Investment Trust will post 5.580574 earnings per share for the current year.

Granite Real Estate Investment Trust Dividend Announcement

The firm also recently declared a monthly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 15th were given a dividend of $0.2958 per share. This represents a c) dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Tuesday, March 31st. Granite Real Estate Investment Trust’s payout ratio is 60.40%.

About Granite Real Estate Investment Trust

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 147 investment properties representing approximately 62.6 million square feet of leasable area.