Granite Real Estate Investment Trust (TSE:GRT.UN) Sets New 1-Year High – Still a Buy?

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) reached a new 52-week high during trading on Thursday . The stock traded as high as C$95.00 and last traded at C$95.00, with a volume of 30025 shares traded. The stock had previously closed at C$93.80.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. TD Securities boosted their price objective on shares of Granite Real Estate Investment Trust from C$94.00 to C$96.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. TD boosted their price objective on shares of Granite Real Estate Investment Trust from C$96.00 to C$101.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Royal Bank Of Canada upped their target price on Granite Real Estate Investment Trust from C$90.00 to C$100.00 in a research report on Friday, February 27th. National Bank Financial upped their target price on Granite Real Estate Investment Trust from C$102.50 to C$110.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. Finally, BMO Capital Markets upped their target price on Granite Real Estate Investment Trust from C$87.00 to C$97.00 in a research report on Friday, February 27th. Eight analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Granite Real Estate Investment Trust has a consensus rating of “Buy” and a consensus price target of C$99.64.

Granite Real Estate Investment Trust Stock Up 0.9%

The company has a debt-to-equity ratio of 57.74, a current ratio of 0.35 and a quick ratio of 1.61. The business’s fifty day moving average price is C$88.32 and its two-hundred day moving average price is C$84.84. The stock has a market capitalization of C$5.74 billion, a PE ratio of 14.68 and a beta of 1.34.

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) last announced its quarterly earnings data on Wednesday, May 6th. The company reported C$1.51 earnings per share 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 for the quarter. On average, equities research analysts forecast that Granite Real Estate Investment Trust will post 5.580574 EPS for the current fiscal year.

Granite Real Estate Investment Trust Announces Dividend

The firm also recently declared a monthly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 15th were given a dividend of $0.2958 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a c) dividend on an annualized basis and a yield of 3.8%. Granite Real Estate Investment Trust’s dividend payout ratio (DPR) is currently 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.