Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Price Passes Above 50-Day Moving Average – Here’s Why

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s share price passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of C$93.15 and traded as high as C$94.56. Granite Real Estate Investment Trust shares last traded at C$93.80, with a volume of 39,033 shares changing hands.

Analysts Set New Price Targets

A number of analysts have commented on the company. TD Securities raised their price objective on Granite Real Estate Investment Trust from C$94.00 to C$96.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. 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. Canaccord Genuity Group raised their target price on Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. TD lifted their price target 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 research note on Friday, May 8th. Finally, National Bank Financial boosted their price target on shares of Granite Real Estate Investment Trust from C$102.50 to C$110.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Eight investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of C$99.64.

Granite Real Estate Investment Trust Stock Up 1.3%

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 business has a fifty day simple moving average of C$93.37 and a two-hundred day simple moving average of C$88.00. The company has a market capitalization of C$5.79 billion, a price-to-earnings ratio of 14.80 and a beta of 1.45.

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

Granite Real Estate Investment Trust Announces Dividend

The business also recently disclosed 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. This represents a c) annualized dividend and a yield of 3.7%. The ex-dividend date was Tuesday, March 31st. Granite Real Estate Investment Trust’s dividend payout ratio is currently 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.