Granite Real Estate Investment Trust (TSE:GRT.UN) Hits New 1-Year High at $67.41

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s share price reached a new 52-week high on Wednesday . The stock traded as high as C$67.41 and last traded at C$67.38, with a volume of 91941 shares changing hands. The stock had previously closed at C$66.21.

Several equities analysts have commented on GRT.UN shares. CIBC boosted their price target on shares of Granite Real Estate Investment Trust from C$70.00 to C$72.00 in a research note on Thursday, November 7th. Royal Bank of Canada boosted their price target on shares of Granite Real Estate Investment Trust from C$67.00 to C$70.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. TD Securities boosted their price target on shares of Granite Real Estate Investment Trust from C$72.00 to C$73.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Canaccord Genuity upgraded shares of Granite Real Estate Investment Trust from a “hold” rating to a “buy” rating and boosted their price target for the stock from C$65.00 to C$70.00 in a research note on Wednesday, September 4th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Granite Real Estate Investment Trust has an average rating of “Buy” and a consensus target price of C$69.92.

The company has a debt-to-equity ratio of 44.07, a current ratio of 6.40 and a quick ratio of 5.76. The business’s 50 day moving average is C$65.31 and its 200 day moving average is C$62.83. The stock has a market cap of $3.67 billion and a price-to-earnings ratio of 8.90.

The business also recently declared a monthly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 15th will be given a $0.233 dividend. The ex-dividend date of this dividend is Wednesday, October 30th. This represents a $2.80 dividend on an annualized basis and a yield of 4.12%. Granite Real Estate Investment Trust’s dividend payout ratio (DPR) is presently 36.68%.

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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