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

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

Granite Real Estate Investment Trust Stock Performance

Shares of GRT.UN traded down C$0.88 on Thursday, reaching C$92.42. 34,075 shares of the stock traded hands, compared to its average volume of 102,846. The firm has a market cap of C$5.61 billion, a price-to-earnings ratio of 14.34 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 has a 12 month low of C$74.29 and a 12 month high of C$101.50. The stock’s 50-day moving average price is C$96.22 and its 200-day moving average price is C$91.33.

Granite Real Estate Investment Trust Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, August 14th will be issued a dividend of $0.2958 per share. This represents a c) annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Friday, July 31st. Granite Real Estate Investment Trust’s dividend payout ratio (DPR) is presently 53.53%.

Wall Street Analysts Forecast Growth

GRT.UN has been the subject of a number of recent analyst reports. 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 company a “buy” rating in a report on Friday, May 8th. Canadian Imperial Bank of Commerce lifted their price objective on Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a research note on Friday, May 8th. TD boosted their price objective on Granite Real Estate Investment Trust from C$96.00 to C$101.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Raymond James Financial increased their target price on Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Finally, National Bank Financial raised their target price on 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 equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of C$99.64.

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.