National Bankshares Trims Granite Real Estate Investment Trust (TSE:GRT.UN) Target Price to C$85.00

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) had its price objective lowered by National Bankshares from C$87.00 to C$85.00 in a report published on Wednesday, BayStreet.CA reports. The brokerage currently has an outperform rating on the stock.

Several other brokerages have also weighed in on GRT.UN. TD Securities cut their price objective on shares of Granite Real Estate Investment Trust from C$90.00 to C$88.00 in a research report on Wednesday. Royal Bank of Canada raised their price objective on shares of Granite Real Estate Investment Trust from C$86.00 to C$89.00 and gave the company an outperform rating in a research report on Friday, March 1st. BMO Capital Markets raised their price objective on shares of Granite Real Estate Investment Trust from C$81.00 to C$84.00 in a research report on Monday, March 4th. Raymond James raised their price objective on shares of Granite Real Estate Investment Trust from C$90.00 to C$91.00 and gave the company a strong-buy rating in a research report on Monday, January 8th. Finally, Desjardins raised their price objective on shares of Granite Real Estate Investment Trust from C$84.00 to C$87.00 and gave the company a buy rating in a research report on Friday, March 1st. Seven equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of Buy and an average target price of C$87.33.

Granite Real Estate Investment Trust Price Performance

TSE GRT.UN opened at C$69.47 on Wednesday. The company has a 50 day simple moving average of C$74.10 and a 200-day simple moving average of C$72.90. The company has a debt-to-equity ratio of 58.81, a current ratio of 0.40 and a quick ratio of 1.61. The firm has a market capitalization of C$4.40 billion, a price-to-earnings ratio of 32.16 and a beta of 1.14. Granite Real Estate Investment Trust has a 52-week low of C$62.72 and a 52-week high of C$85.00.

Granite Real Estate Investment Trust Announces Dividend

The company also recently declared a monthly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 15th were given a $0.275 dividend. This represents a $3.30 dividend on an annualized basis and a dividend yield of 4.75%. The ex-dividend date of this dividend was Wednesday, March 27th. Granite Real Estate Investment Trust’s dividend payout ratio is 152.78%.

About Granite Real Estate Investment Trust

Granite is a Canadian based REIT engaged in the acquisition, development, ownership and management of industrial, warehouse and logistics properties in North America and Europe. Granite owns over 85 investment properties representing approximately 34 million square feet of leasable area.