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

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) issued its quarterly earnings results on Wednesday. The company reported C$1.26 EPS for the quarter, FiscalAI reports. The company had revenue of C$166.56 million during the quarter. Granite Real Estate Investment Trust had a return on equity of 4.28% and a net margin of 42.50%.

Granite Real Estate Investment Trust Trading Down 0.2%

TSE:GRT.UN opened at C$87.08 on Friday. The company has a current ratio of 0.35, a quick ratio of 1.61 and a debt-to-equity ratio of 57.74. The stock has a market capitalization of C$5.41 billion, a PE ratio of 14.40 and a beta of 1.36. The firm’s 50 day moving average is C$85.14 and its 200 day moving average is C$89.70. Granite Real Estate Investment Trust has a 12 month low of C$75.00 and a 12 month high of C$101.50.

Wall Street Analyst Weigh In

Several research firms have weighed in on GRT.UN. TD boosted their price objective on Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Desjardins lifted their target price on Granite Real Estate Investment Trust from C$106.00 to C$108.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Raymond James Financial cut their price target on shares of Granite Real Estate Investment Trust from C$110.00 to C$106.00 and set an “outperform” rating on the stock in a report on Friday, August 7th. Finally, National Bank Financial reduced their price target on shares of Granite Real Estate Investment Trust from C$112.00 to C$100.00 and set an “outperform” rating for the company in a research report on Wednesday, October 21st. Seven research analysts have rated the stock with a Buy rating. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of C$102.50.

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.