Granite Real Estate Investment Trust (TSE:GRT.UN) Sets New 1-Year High at $94.21

Shares of Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) hit a new 52-week high during trading on Wednesday . The company traded as high as C$94.21 and last traded at C$94.17, with a volume of 67940 shares changing hands. The stock had previously closed at C$92.88.

A number of analysts have commented on the stock. National Bank Financial upped their target price on shares of Granite Real Estate Investment Trust to C$94.00 and gave the company a “na” rating in a report on Monday, July 19th. BMO Capital Markets increased their price objective on shares of Granite Real Estate Investment Trust from C$89.00 to C$95.00 in a research note on Monday, August 9th. Canaccord Genuity increased their price objective on shares of Granite Real Estate Investment Trust from C$89.00 to C$95.00 in a research note on Tuesday, June 22nd. Raymond James reissued an “outperform” rating and issued a C$95.00 price objective on shares of Granite Real Estate Investment Trust in a research note on Thursday, August 5th. Finally, TD Securities upped their target price on shares of Granite Real Estate Investment Trust from C$94.00 to C$97.00 and gave the stock a “buy” rating in a research report on Friday, August 6th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of C$95.33.

The company has a current ratio of 6.48, a quick ratio of 6.37 and a debt-to-equity ratio of 43.05. The firm has a market cap of C$6.19 billion and a PE ratio of 7.44. The business’s 50-day simple moving average is C$88.31 and its 200 day simple moving average is C$82.32.

The company also recently declared a monthly dividend, which was paid on Monday, August 16th. Stockholders of record on Monday, August 16th were issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date was Thursday, July 29th. Granite Real Estate Investment Trust’s dividend payout ratio is currently 23.71%.

About Granite Real Estate Investment Trust (TSE:GRT.UN)

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.

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