Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Price Crosses Above 200-Day Moving Average – Here’s What Happened

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s share price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$91.44 and traded as high as C$92.10. Granite Real Estate Investment Trust shares last traded at C$91.13, with a volume of 113,342 shares.

Analysts Set New Price Targets

Several analysts have issued reports on GRT.UN shares. Desjardins increased their target price on shares of 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. Canadian Imperial Bank of Commerce boosted their price target on shares of Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a research report on Friday, May 8th. Scotia 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 “sector outperform” rating in a report on Friday, May 8th. TD increased 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. Finally, National Bank Financial lifted their price objective on Granite Real Estate Investment Trust from C$102.50 to C$110.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Seven analysts have rated the stock with a Buy rating, According to MarketBeat, Granite Real Estate Investment Trust currently has an average rating of “Buy” and an average price target of C$103.50.

Granite Real Estate Investment Trust Stock Down 0.3%

The company has a debt-to-equity ratio of 57.74, a current ratio of 0.35 and a quick ratio of 1.61. The company has a fifty day moving average price of C$95.62 and a 200 day moving average price of C$91.44. The company has a market cap of C$5.66 billion, a PE ratio of 15.07 and a beta of 1.48.

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) last announced its earnings results on Wednesday, August 5th. The company reported C$1.16 earnings per share for the quarter. Granite Real Estate Investment Trust had a net margin of 42.50% and a return on equity of 4.28%. The business had revenue of C$165.09 million for the quarter. As a group, analysts anticipate 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 declared a monthly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 14th were issued a $0.2958 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a c) dividend on an annualized basis and a dividend yield of 3.9%. Granite Real Estate Investment Trust’s dividend payout ratio is presently 57.68%.

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.