Granite Real Estate Investment Trust (TSE:GRT.UN) Hits New 52-Week High After Analyst Upgrade

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s share price hit a new 52-week high during trading on Wednesday after TD Securities raised their price target on the stock from C$88.00 to C$94.00. The company traded as high as C$88.06 and last traded at C$86.91, with a volume of 136288 shares trading hands. The stock had previously closed at C$87.14.

Other research analysts have also issued reports about the stock. BMO Capital Markets upped their price objective on shares of Granite Real Estate Investment Trust from C$84.00 to C$87.00 in a report on Monday, November 10th. Royal Bank Of Canada raised their target price on Granite Real Estate Investment Trust from C$88.00 to C$90.00 in a research note on Tuesday, November 11th. Desjardins lifted their price target on Granite Real Estate Investment Trust from C$87.00 to C$89.00 and gave the company a “buy” rating in a research report on Monday, October 6th. National Bankshares increased their price objective on 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. Finally, Raymond James Financial raised their price objective on Granite Real Estate Investment Trust from C$90.00 to C$93.00 in a research report on Monday, November 10th. Six equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of C$89.00.

Granite Real Estate Investment Trust Trading Up 1.0%

The stock has a market cap of C$5.36 billion, a PE ratio of 18.69 and a beta of 1.43. The firm has a 50-day moving average price of C$79.54 and a 200-day moving average price of C$77.45. The company has a debt-to-equity ratio of 57.74, a quick ratio of 1.61 and a current ratio of 0.35.

Granite Real Estate Investment Trust Announces Dividend

The company also recently announced a monthly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, November 14th were paid a $0.2833 dividend. This represents a c) annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Friday, October 31st. Granite Real Estate Investment Trust’s dividend payout ratio is currently 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.