Granite Real Estate Investment Trust (TSE:GRT.UN) Hits New 52-Week High – Still a Buy?

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as C$98.89 and last traded at C$98.67, with a volume of 49434 shares changing hands. The stock had previously closed at C$95.80.

Wall Street Analyst Weigh In

GRT.UN has been the topic of several recent analyst reports. National Bank Financial lifted their price target on Granite Real Estate Investment Trust from C$102.50 to C$110.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. Canaccord Genuity Group increased their price objective on Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Raymond James Financial raised their price objective on shares of Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the stock an “outperform” rating in a research note on Friday, May 8th. Canadian Imperial Bank of Commerce boosted their target price on shares of Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a research report on Friday, May 8th. Finally, TD upped their target price on shares of Granite Real Estate Investment Trust from C$96.00 to C$101.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Eight equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of C$99.64.

Granite Real Estate Investment Trust Trading Down 0.4%

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’s 50 day moving average is C$94.05 and its two-hundred day moving average is C$88.89. The firm has a market cap of C$5.90 billion, a P/E ratio of 15.09 and a beta of 1.45.

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

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.