Granite Real Estate Investment Trust (TSE:GRT.UN) Share Price Passes Above 200 Day Moving Average – Here’s What Happened

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$91.06 and traded as high as C$98.55. Granite Real Estate Investment Trust shares last traded at C$97.94, with a volume of 65,180 shares changing hands.

Analyst Ratings Changes

GRT.UN has been the subject of a number of research analyst reports. Scotia lifted their price objective on shares of Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the stock a “sector outperform” rating in a research report on Friday, May 8th. Canadian Imperial Bank of Commerce raised their target price on shares of Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a research note on Friday, May 8th. TD lifted their target price on shares of Granite Real Estate Investment Trust from C$96.00 to C$101.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Canaccord Genuity Group upped their price target on shares of Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Finally, Raymond James Financial increased their price target on shares of Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Eight analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of C$99.64.

Granite Real Estate Investment Trust Stock Performance

The company has a debt-to-equity ratio of 57.74, a current ratio of 0.35 and a quick ratio of 1.61. The stock’s 50-day moving average price is C$96.33 and its 200-day moving average price is C$91.13. The company has a market cap of C$5.84 billion, a P/E ratio of 14.93 and a beta of 1.47.

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) last released its quarterly earnings results on Wednesday, May 6th. The company reported C$1.51 EPS for the quarter. The business had revenue of C$165.83 million for the quarter. Granite Real Estate Investment Trust had a net margin of 42.50% and a return on equity of 4.28%. Equities analysts anticipate that Granite Real Estate Investment Trust will post 5.580574 EPS for the current year.

Granite Real Estate Investment Trust Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, August 14th will be given a $0.2958 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Friday, July 31st. Granite Real Estate Investment Trust’s payout ratio is presently 53.53%.

Granite Real Estate Investment Trust Company Profile

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.