Granite Real Estate Investment Trust (TSE:GRT.UN) Sets New 1-Year High – Still a Buy?

by · The Cerbat Gem

Granite Real Estate Investment Trust (TSE:GRT.UN – Get Free Report) (NASDAQ:GRP.U) shares hit a new 52-week high on Thursday . The company traded as high as C$95.00 and last traded at C$95.00, with a volume of 30025 shares changing hands. The stock had previously closed at C$93.80.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on GRT.UN shares. Canaccord Genuity Group upped their target price on Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Royal Bank Of Canada lifted their price objective on Granite Real Estate Investment Trust from C$90.00 to C$100.00 in a report on Friday, February 27th. Raymond James Financial upped 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 increased their target price on shares of Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a report on Friday, May 8th. Finally, TD raised 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 report on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of C$99.64.

Check Out Our Latest Research Report on GRT.UN

Granite Real Estate Investment Trust Trading Up 0.9%

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’s 50 day moving average price is C$88.32 and its 200-day moving average price is C$84.84. The stock has a market capitalization of C$5.74 billion, a P/E ratio of 14.68 and a beta of 1.34.

Granite Real Estate Investment Trust (TSE:GRT.UN – Get Free Report) (NASDAQ:GRP.U) last released its quarterly earnings results on Wednesday, May 6th. The company reported C$1.51 EPS for the quarter. The firm had revenue of C$165.83 million during the quarter. Granite Real Estate Investment Trust had a return on equity of 4.28% and a net margin of 42.50%. As a group, equities research analysts expect that Granite Real Estate Investment Trust will post 5.580574 earnings per share for the current year.

Granite Real Estate Investment Trust Announces Dividend

The business also recently declared a monthly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 15th were given a $0.2958 dividend. This represents a c) annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend was Tuesday, March 31st. Granite Real Estate Investment Trust’s payout ratio is presently 53.53%.

Granite Real Estate Investment Trust Company Profile

(Get Free Report)

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.

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