Granite Real Estate Investment Trust (TSE:GRT.UN) Sets New 1-Year High – Here’s What Happened

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) reached a new 52-week high during trading on Thursday . The company traded as high as C$84.32 and last traded at C$83.75, with a volume of 20658 shares trading hands. The stock had previously closed at C$83.27.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Royal Bank Of Canada increased their price target 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 target price on Granite Real Estate Investment Trust from C$87.00 to C$89.00 and gave the stock a “buy” rating in a report on Monday, October 6th. TD Securities boosted their price target on shares of Granite Real Estate Investment Trust from C$85.00 to C$88.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. BMO Capital Markets raised their price objective on shares of Granite Real Estate Investment Trust from C$84.00 to C$87.00 in a research report on Monday, November 10th. Finally, Raymond James Financial lifted their price objective on shares of Granite Real Estate Investment Trust from C$90.00 to C$93.00 in a research note on Monday, November 10th. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of C$87.88.

Granite Real Estate Investment Trust Trading Up 2.8%

The company has a current ratio of 0.35, a quick ratio of 1.61 and a debt-to-equity ratio of 57.74. The stock has a market cap of C$5.22 billion, a price-to-earnings ratio of 18.20 and a beta of 1.43. The company has a fifty day simple moving average of C$78.78 and a 200-day simple moving average of C$76.93.

Granite Real Estate Investment Trust Dividend Announcement

The company also recently declared a monthly dividend, which was paid on Friday, November 14th. Investors of record on Friday, November 14th were given a $0.2833 dividend. This represents a c) annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Friday, October 31st. Granite Real Estate Investment Trust’s dividend payout ratio is 71.54%.

About Granite Real Estate Investment Trust

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.