Granite Real Estate Investment Trust (TSE:GRT.UN) Hits New 12-Month High - What's Next?

Key Points

• Granite Real Estate Investment Trust hit a new 52-week high, trading as high as C$99.70 on Friday before closing just below that level.
• Analysts have turned increasingly bullish, with several firms raising price targets and the stock now carrying a consensus Buy rating and average target price of C$99.64.
• The REIT reported C$1.51 EPS in its latest quarter, with revenue of C$165.83 million; it owns 147 logistics, warehouse, and industrial properties across North America and Europe.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U's stock price reached a new 52-week high on Friday . The company traded as high as C$99.70 and last traded at C$99.68, with a volume of 2255 shares traded. The stock had previously closed at C$99.11.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. National Bank Financial increased their price target on shares of Granite Real Estate Investment Trust from C$102.50 to C$110.00 and gave the company an "outperform" rating in a report on Monday, April 20th. Raymond James Financial boosted their price objective on shares of 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. TD upped their target price 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 report on Friday, May 8th. Canadian Imperial Bank of Commerce increased their target price on shares of Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a report on Friday, May 8th. Finally, Canaccord Genuity Group lifted their price target on shares of Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of C$99.64.

Granite Real Estate Investment Trust Price Performance

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 company has a market cap of C$6.06 billion, a price-to-earnings ratio of 15.49 and a beta of 1.47. The company has a fifty day simple moving average of C$95.16 and a two-hundred day simple moving average of C$90.04.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U last released its quarterly earnings results on Wednesday, May 6th. The company reported C$1.51 earnings per share (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, equities research analysts anticipate that Granite Real Estate Investment Trust will post 5.580574 earnings per share for the current fiscal year.

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.

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