Granite Real Estate Investment Trust (TSE:GRT.UN) Hits New 12-Month High – Here’s Why

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) shares hit a new 52-week high on Monday . The stock traded as high as C$82.45 and last traded at C$82.15, with a volume of 16479 shares trading hands. The stock had previously closed at C$81.16.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GRT.UN. BMO Capital Markets raised their price objective on Granite Real Estate Investment Trust from C$84.00 to C$87.00 in a report on Monday, November 10th. Raymond James Financial increased their target price on Granite Real Estate Investment Trust from C$90.00 to C$93.00 in a research report on Monday, November 10th. Desjardins raised their price target on Granite Real Estate Investment Trust from C$87.00 to C$89.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. TD Securities lifted their price target on Granite Real Estate Investment Trust from C$85.00 to C$88.00 and gave the company a “buy” rating in a report on Friday, November 7th. Finally, National Bankshares increased their price objective on shares of Granite Real Estate Investment Trust from C$85.00 to C$86.00 and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of C$87.88.

Granite Real Estate Investment Trust Trading Down 0.6%

The company’s 50-day moving average is C$77.89 and its 200 day moving average is C$75.89. The company has a current ratio of 0.35, a quick ratio of 1.61 and a debt-to-equity ratio of 57.74. The firm has a market cap of C$4.90 billion, a PE ratio of 17.08 and a beta of 1.51.

Granite Real Estate Investment Trust Announces Dividend

The firm also recently announced a monthly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, November 14th were given a $0.2833 dividend. This represents a c) annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, October 31st. Granite Real Estate Investment Trust’s dividend payout ratio (DPR) is 71.54%.

Granite Real Estate Investment Trust Company Profile

Granite Real Estate Investment Trust, or Granite, is a real estate investment trust engaged in the acquisition, development, and management of primarily industrial properties in North America and Europe. Granite’s portfolio comprises various manufacturing, corporate office, warehouse and logistics, and product engineering facilities. The vast majority of the company’s assets are logistics and distribution warehouses and multipurpose buildings split fairly evenly amongst Canadian, Austrian, and U.S.