Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Now Rated “Buy” by Wall Street Brokerages

Shares of Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) have earned a consensus rating of “Buy” from the seven analysts that are currently covering the stock, MarketBeat.com reports. Seven investment analysts have rated the stock with a buy recommendation. The average 1-year price objective among analysts that have covered the stock in the last year is C$103.50.

GRT.UN has been the topic of a number of research analyst reports. Desjardins lifted their price target 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 dropped their target price on shares of Granite Real Estate Investment Trust from C$110.00 to C$106.00 and set an “outperform” rating for the company in a report on Friday, August 7th. Finally, TD upped their target price on shares of Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the stock a “buy” rating in a research note on Friday, August 7th.

Granite Real Estate Investment Trust Price Performance

TSE:GRT.UN opened at C$83.70 on Monday. The firm’s fifty day moving average is C$87.40 and its two-hundred day moving average is C$91.07. The company has a debt-to-equity ratio of 57.74, a quick ratio of 1.61 and a current ratio of 0.35. The firm has a market cap of C$5.20 billion, a price-to-earnings ratio of 13.85 and a beta of 1.48. Granite Real Estate Investment Trust has a one year low of C$75.00 and a one year high of C$101.50.

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) last posted its earnings results on Wednesday, August 5th. The company reported C$1.14 earnings per share (EPS) for the quarter. The firm had revenue of C$165.09 million during the quarter. Granite Real Estate Investment Trust had a net margin of 42.50% and a return on equity of 4.28%. Research analysts expect that Granite Real Estate Investment Trust will post 5.58 EPS for the current year.

Granite Real Estate Investment Trust Announces Dividend

The company also recently disclosed a monthly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 14th were given a dividend of $0.2958 per share. This represents a $3.55 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, July 31st. Granite Real Estate Investment Trust’s payout ratio is 57.68%.

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.