Granite Real Estate Investment Trust (TSE:GRT.UN) Receives Average Recommendation of “Buy” from Brokerages

Shares of Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) have earned a consensus rating of “Buy” from the eight research firms that are currently covering the stock, MarketBeat.com reports. Eight analysts have rated the stock with a buy recommendation. The average 1-year target price among analysts that have issued a report on the stock in the last year is C$99.64.

GRT.UN has been the subject of several recent analyst reports. Scotia boosted their target price on Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the stock a “sector outperform” rating in a research report on Friday, May 8th. TD boosted their target price on Granite Real Estate Investment Trust from C$96.00 to C$101.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. TD Securities upped their price objective on Granite Real Estate Investment Trust from C$94.00 to C$96.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Raymond James Financial upped their price objective on Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. Finally, Canadian Imperial Bank of Commerce upped their price objective on Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a report on Friday, May 8th.

Granite Real Estate Investment Trust Price Performance

Granite Real Estate Investment Trust stock opened at C$94.48 on Tuesday. Granite Real Estate Investment Trust has a 52 week low of C$68.02 and a 52 week high of C$97.34. The business has a 50-day simple moving average of C$89.83 and a 200 day simple moving average of C$85.84. The company has a quick ratio of 1.61, a current ratio of 0.35 and a debt-to-equity ratio of 57.74. The stock has a market cap of C$5.74 billion, a price-to-earnings ratio of 14.66 and a beta of 1.34.

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) last posted its earnings results on Wednesday, May 6th. The company reported C$1.51 EPS for the quarter. Granite Real Estate Investment Trust had a return on equity of 4.28% and a net margin of 42.50%.The business had revenue of C$165.83 million during the quarter. On average, research analysts forecast that Granite Real Estate Investment Trust will post 5.580574 earnings per share for the current fiscal year.

Granite Real Estate Investment Trust Dividend Announcement

The company also recently disclosed a monthly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 15th were issued a $0.2958 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Tuesday, March 31st. Granite Real Estate Investment Trust’s dividend payout ratio is presently 53.53%.

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 147 investment properties representing approximately 62.6 million square feet of leasable area.