Granite Real Estate Investment Trust (TSE:GRT.UN) Given Consensus Recommendation of "Buy" by Brokerages

Key Points

• Granite REIT has a consensus “Buy” rating: all seven covering analysts rate the stock a buy, with an average 12-month price target of C$103.50.
• Recent analyst updates were generally positive, including price-target increases from Desjardins to C$108 and TD to C$103, while Raymond James lowered its target to C$106 but maintained an “outperform” rating.
• The REIT reported quarterly revenue of C$165.09 million and earnings of C$1.16 per share, and declared a monthly dividend of C$0.2958, representing an indicated yield of about 4.1%.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U has earned an average rating of "Buy" from the seven brokerages that are currently covering the company, MarketBeat reports. Seven equities research analysts have rated the stock with a buy rating. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is C$103.50.

Several research analysts recently weighed in on the stock. Desjardins upped their price target on shares of Granite Real Estate Investment Trust from C$106.00 to C$108.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Raymond James Financial lowered their price objective on Granite Real Estate Investment Trust from C$110.00 to C$106.00 and set an "outperform" rating on the stock in a report on Friday, August 7th. Finally, TD boosted their price objective on Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the stock a "buy" rating in a research note on Friday, August 7th.

Granite Real Estate Investment Trust Price Performance

Granite Real Estate Investment Trust stock opened at C$87.37 on Thursday. The stock has a market capitalization of C$5.42 billion, a P/E ratio of 14.45 and a beta of 1.41. The company's fifty day moving average price is C$93.53 and its 200 day moving average price is C$91.61. The company has a debt-to-equity ratio of 57.74, a quick ratio of 1.61 and a current ratio of 0.35. Granite Real Estate Investment Trust has a 1 year low of C$75.00 and a 1 year high of C$101.50.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U last posted its quarterly earnings data on Wednesday, August 5th. The company reported C$1.16 earnings per share for the quarter. Granite Real Estate Investment Trust had a net margin of 42.50% and a return on equity of 4.28%. The company had revenue of C$165.09 million during the quarter. As a group, equities research analysts anticipate 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 declared a monthly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 14th were paid a $0.2958 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a c) dividend on an annualized basis and a dividend yield of 4.1%. Granite Real Estate Investment Trust's payout ratio is currently 57.68%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.