Granite Real Estate Investment Trust (TSE:GRT.UN) Shares Break Below 200-Day Moving Average – Here’s What Happened

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s share price crossed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of C$91.18 and traded as low as C$82.68. Granite Real Estate Investment Trust shares last traded at C$85.00, with a volume of 144,638 shares changing hands.

Wall Street Analysts Forecast Growth

GRT.UN has been the topic of a number of research reports. TD raised their price target on Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Desjardins boosted their price objective on Granite Real Estate Investment Trust from C$106.00 to C$108.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Finally, Raymond James Financial decreased their price objective on Granite Real Estate Investment Trust from C$110.00 to C$106.00 and set an “outperform” rating for the company in a report on Friday, August 7th. Seven analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of C$103.50.

Granite Real Estate Investment Trust Stock Up 2.4%

The firm has a market capitalization of C$5.28 billion, a PE ratio of 14.06 and a beta of 1.41. The business’s fifty day moving average price is C$90.17 and its 200 day moving average price is C$91.18. The company has a quick ratio of 1.61, a current ratio of 0.35 and a debt-to-equity ratio of 57.74.

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) last released its quarterly earnings results on Wednesday, August 5th. The company reported C$1.16 earnings per share (EPS) for the quarter. The firm had revenue of C$165.09 million for the quarter. Granite Real Estate Investment Trust had a return on equity of 4.28% and a net margin of 42.50%. On average, equities research analysts forecast that Granite Real Estate Investment Trust will post 5.580574 earnings per share for the current fiscal year.

Granite Real Estate Investment Trust Announces Dividend

The business also recently announced a monthly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 14th were paid a $0.2958 dividend. This represents a $3.55 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Friday, July 31st. Granite Real Estate Investment Trust’s dividend payout ratio (DPR) is 57.68%.

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.