Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Passes Above Two Hundred Day Moving Average – What’s Next?

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$84.50 and traded as high as C$92.43. Granite Real Estate Investment Trust shares last traded at C$91.99, with a volume of 52,276 shares traded.

Analysts Set New Price Targets

A number of research analysts have commented on the company. National Bank Financial upped 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 note on Monday, April 20th. TD Securities increased their price objective on Granite Real Estate Investment Trust from C$94.00 to C$96.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Royal Bank Of Canada increased their price objective on Granite Real Estate Investment Trust from C$90.00 to C$100.00 in a research note on Friday, February 27th. Scotia increased their price objective on Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the company a “sector outperform” rating in a research note on Friday, May 8th. Finally, Canadian Imperial Bank of Commerce increased 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. Eight research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of C$99.64.

Granite Real Estate Investment Trust Stock Performance

The company has a quick ratio of 1.61, a current ratio of 0.35 and a debt-to-equity ratio of 57.74. The stock has a fifty day moving average of C$87.98 and a 200-day moving average of C$84.50. The stock has a market cap of C$5.58 billion, a PE ratio of 14.27 and a beta of 1.34.

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) last released 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, equities analysts forecast that Granite Real Estate Investment Trust will post 5.580574 EPS for the current year.

Granite Real Estate Investment Trust Dividend Announcement

The firm also recently disclosed a monthly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 15th were issued a $0.2958 dividend. This represents a c) dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend was Tuesday, March 31st. Granite Real Estate Investment Trust’s payout ratio is currently 53.53%.

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.