Granite Real Estate Investment Trust (TSE:GRT.UN) Sets New 52-Week High – Here’s Why

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) shares hit a new 52-week high during trading on Thursday . The company traded as high as C$97.34 and last traded at C$97.09, with a volume of 18959 shares. The stock had previously closed at C$95.65.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GRT.UN. Canadian Imperial Bank of Commerce upped their target price on Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a research note on Friday, May 8th. Raymond James Financial increased their price objective 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. Canaccord Genuity Group raised their target price on Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Royal Bank Of Canada raised their target price on Granite Real Estate Investment Trust from C$90.00 to C$100.00 in a research report on Friday, February 27th. Finally, TD Securities raised their target price on Granite Real Estate Investment Trust from C$94.00 to C$96.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Eight investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of C$99.64.

Granite Real Estate Investment Trust Stock Performance

The stock has a market cap of C$5.87 billion, a PE ratio of 15.01 and a beta of 1.34. The company has a quick ratio of 1.61, a current ratio of 0.35 and a debt-to-equity ratio of 57.74. The stock has a 50-day moving average of C$89.21 and a 200 day moving average of C$85.46.

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

Granite Real Estate Investment Trust Dividend Announcement

The company also recently announced a monthly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 15th were paid a dividend of $0.2958 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a c) dividend on an annualized basis and a yield of 3.7%. Granite Real Estate Investment Trust’s payout ratio is 53.53%.

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.