Granite Real Estate Investment Trust (TSE:GRT.UN) Releases Earnings Results

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) posted its quarterly earnings results on Wednesday. The company reported C$1.16 EPS for the quarter, FiscalAI reports. Granite Real Estate Investment Trust had a return on equity of 4.28% and a net margin of 42.50%.The business had revenue of C$165.09 million during the quarter.

Granite Real Estate Investment Trust Price Performance

Granite Real Estate Investment Trust stock opened at C$91.62 on Friday. The stock’s 50 day moving average is C$96.12 and its 200 day moving average is C$91.34. Granite Real Estate Investment Trust has a one year low of C$74.29 and a one year high of C$101.50. The firm has a market cap of C$5.56 billion, a P/E ratio of 14.22 and a beta of 1.48. The company has a debt-to-equity ratio of 57.74, a current ratio of 0.35 and a quick ratio of 1.61.

Granite Real Estate Investment Trust Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, August 14th will be given a dividend of $0.2958 per share. This represents a c) annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, July 31st. Granite Real Estate Investment Trust’s dividend payout ratio (DPR) is currently 53.53%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Scotia raised their target price on shares of Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the company a “sector outperform” 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 stock a “buy” rating in a report on Friday, May 8th. 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 stock an “outperform” rating in a research report on Friday, May 8th. Canadian Imperial Bank of Commerce lifted their price objective on shares of Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a research note on Friday, May 8th. Finally, TD boosted their price objective on shares of Granite Real Estate Investment Trust from C$96.00 to C$101.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Eight research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Granite Real Estate Investment Trust presently has an average rating of “Buy” and a consensus target price of C$99.64.

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.