Granite Real Estate Investment Trust (TSE:GRT.UN) Shares Pass Below Two Hundred Day Moving Average of $72.84

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s share price crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$72.84 and traded as low as C$67.53. Granite Real Estate Investment Trust shares last traded at C$68.15, with a volume of 67,968 shares.

Wall Street Analyst Weigh In

GRT.UN has been the subject of a number of recent research reports. BMO Capital Markets increased their price objective on shares of Granite Real Estate Investment Trust from C$81.00 to C$84.00 in a research note on Monday, March 4th. Desjardins increased their price objective on shares of Granite Real Estate Investment Trust from C$84.00 to C$87.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Laurentian increased their price objective on shares of Granite Real Estate Investment Trust from C$80.00 to C$90.00 and gave the stock a “buy” rating in a research note on Monday, January 22nd. Raymond James raised their target price on shares of Granite Real Estate Investment Trust from C$90.00 to C$91.00 and gave the company a “strong-buy” rating in a research note on Monday, January 8th. Finally, TD Securities cut their target price on shares of Granite Real Estate Investment Trust from C$90.00 to C$88.00 in a research note on Wednesday, April 24th. Seven research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Granite Real Estate Investment Trust currently has a consensus rating of “Buy” and a consensus price target of C$87.33.

Granite Real Estate Investment Trust Price Performance

The business’s 50 day moving average is C$73.64 and its 200-day moving average is C$72.84. The firm has a market capitalization of C$4.32 billion, a P/E ratio of 31.55 and a beta of 1.14. The company has a quick ratio of 1.61, a current ratio of 0.40 and a debt-to-equity ratio of 58.81.

Granite Real Estate Investment Trust Dividend Announcement

The business also recently announced a monthly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 15th were given a $0.275 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $3.30 dividend on an annualized basis and a yield of 4.84%. Granite Real Estate Investment Trust’s dividend payout ratio is currently 152.78%.

About Granite Real Estate Investment Trust

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.