Granite Real Estate Investment Trust (TSE:GRT.UN) Reaches New 12-Month High - Should You Buy?

Key Points

• 52-week high: Granite REIT (TSE:GRT.UN / NASDAQ:GRP.U) reached a new 52-week high of C$93.01 on Wednesday, trading at that price on a volume of 44,001 shares.
• Analyst sentiment: Five analysts rate the stock a "Buy" with an average target of C$93.38 after several firms (TD, RBC, BMO, CIBC, Raymond James) raised their price targets or ratings.
• Dividend and yield: The trust declared a monthly dividend of $0.2958 per share (ex-dividend March 31, payable April 15), implying about a 3.8% yield and a payout ratio near 60%.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U's stock price reached a new 52-week high on Wednesday . The stock traded as high as C$93.01 and last traded at C$93.01, with a volume of 44001 shares traded. The stock had previously closed at C$90.83.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GRT.UN. TD Securities increased 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. Royal Bank Of Canada boosted their target price on shares of Granite Real Estate Investment Trust from C$90.00 to C$100.00 in a research report on Friday, February 27th. BMO Capital Markets lifted their target price on shares of Granite Real Estate Investment Trust from C$87.00 to C$97.00 in a research note on Friday, February 27th. Canadian Imperial Bank of Commerce boosted their price target on shares of Granite Real Estate Investment Trust from C$90.00 to C$98.00 in a report on Friday, February 27th. Finally, Raymond James Financial cut shares of Granite Real Estate Investment Trust from a "strong-buy" rating to an "outperform" rating and boosted their price target for the stock from C$93.00 to C$96.00 in a report on Wednesday, January 14th. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of C$93.38.

Granite Real Estate Investment Trust Stock Performance

The company has a debt-to-equity ratio of 57.74, a quick ratio of 1.61 and a current ratio of 0.35. The stock has a market cap of C$5.62 billion, a PE ratio of 16.43 and a beta of 1.29. The firm's 50-day moving average is C$86.67 and its 200 day moving average is C$82.52.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U last announced its quarterly earnings data on Wednesday, February 25th. The company reported C$2.24 earnings per share for the quarter. The business had revenue of C$161.76 million for the quarter. Granite Real Estate Investment Trust had a net margin of 42.50% and a return on equity of 4.28%. As a group, research analysts anticipate that Granite Real Estate Investment Trust will post 5.580574 EPS for the current year.

Granite Real Estate Investment Trust Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, April 15th. Investors of record on Wednesday, April 15th will be paid a dividend of $0.2958 per share. This represents a c) dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Tuesday, March 31st. Granite Real Estate Investment Trust's payout ratio is currently 60.40%.

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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