Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Price Passes Below 200 Day Moving Average – Here’s Why

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$68.81 and traded as low as C$65.65. Granite Real Estate Investment Trust shares last traded at C$66.43, with a volume of 74,129 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. TD Securities reduced their target price on Granite Real Estate Investment Trust from C$87.00 to C$77.00 in a report on Monday, April 21st. Raymond James reduced their target price on Granite Real Estate Investment Trust from C$93.00 to C$88.00 in a report on Friday, February 28th. Finally, Scotiabank reduced their target price on Granite Real Estate Investment Trust from C$85.00 to C$75.00 and set an “outperform” rating for the company in a report on Tuesday, April 8th.

Granite Real Estate Investment Trust Stock Down 0.7%

The stock has a market capitalization of C$4.17 billion, a price-to-earnings ratio of 18.30 and a beta of 1.18. 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 firm has a 50-day moving average of C$64.11 and a two-hundred day moving average of C$68.81.

Granite Real Estate Investment Trust Announces Dividend

The firm also recently declared a monthly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, April 15th were given a dividend of $0.2833 per share. This represents a $3.40 annualized dividend and a yield of 5.12%. The ex-dividend date of this dividend was Monday, March 31st. Granite Real Estate Investment Trust’s payout ratio is 90.91%.

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 143 investment properties representing approximately 62.9 million square feet of leasable area.