Granite Real Estate Investment Trust (TSE:GRT.UN) Announces Earnings Results

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) released its earnings results on Wednesday. The company reported C$1.26 EPS for the quarter, FiscalAI reports. The firm had revenue of C$166.56 million for the quarter. Granite Real Estate Investment Trust had a return on equity of 4.28% and a net margin of 42.50%.

Granite Real Estate Investment Trust Stock Performance

TSE GRT.UN traded up C$2.41 during trading on Wednesday, reaching C$87.29. The company’s stock had a trading volume of 107,599 shares, compared to its average volume of 99,191. The firm has a 50 day moving average price of C$85.17 and a 200 day moving average price of C$89.72. Granite Real Estate Investment Trust has a 12 month low of C$75.00 and a 12 month high of C$101.50. The firm has a market capitalization of C$5.42 billion, a price-to-earnings ratio of 14.44 and a beta of 1.48. The company has a current ratio of 0.35, a quick ratio of 1.61 and a debt-to-equity ratio of 57.74.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Raymond James Financial dropped their price objective on Granite Real Estate Investment Trust from C$110.00 to C$106.00 and set an “outperform” rating on the stock in a research note on Friday, August 7th. National Bank Financial dropped their price target on Granite Real Estate Investment Trust from C$112.00 to C$100.00 and set an “outperform” rating for the company in a report on Wednesday, October 21st. Desjardins boosted their price target on Granite Real Estate Investment Trust from C$106.00 to C$108.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Finally, TD upped their price objective on Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the company a “buy” rating in a report on Friday, August 7th. Seven analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, Granite Real Estate Investment Trust has an average rating of “Buy” and an average price target of C$102.50.

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.