Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Crosses Below 200-Day Moving Average of $72.89

Shares of 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$72.89 and traded as low as C$66.31. Granite Real Estate Investment Trust shares last traded at C$66.52, with a volume of 48,947 shares trading hands.

Analyst Ratings Changes

GRT.UN has been the subject of several analyst reports. 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. National Bankshares cut their target price on shares of Granite Real Estate Investment Trust from C$87.00 to C$85.00 and set an “outperform” rating for the company in a research note on Wednesday, April 24th. Desjardins upped their price objective on shares of Granite Real Estate Investment Trust from C$84.00 to C$87.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Canaccord Genuity Group dropped their price objective on shares of Granite Real Estate Investment Trust from C$96.50 to C$90.00 in a research note on Friday, May 10th. Finally, Royal Bank of Canada upped their price objective on shares of Granite Real Estate Investment Trust from C$86.00 to C$89.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. Seven investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Granite Real Estate Investment Trust currently has an average rating of “Buy” and a consensus price target of C$87.70.

Granite Real Estate Investment Trust Stock Performance

The stock’s 50-day moving average is C$68.50 and its 200-day moving average is C$72.82. The stock has a market cap of C$4.27 billion, a price-to-earnings ratio of 19.88 and a beta of 1.16. The company has a current ratio of 0.45, a quick ratio of 1.61 and a debt-to-equity ratio of 58.04.

Granite Real Estate Investment Trust Announces Dividend

The firm also recently announced a monthly dividend, which was paid on Friday, June 14th. Investors of record on Friday, June 14th were given a dividend of $0.275 per share. This represents a $3.30 dividend on an annualized basis and a yield of 4.87%. The ex-dividend date of this dividend was Friday, May 31st. Granite Real Estate Investment Trust’s dividend payout ratio (DPR) is presently 96.77%.

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.