Granite Real Estate Investment Trust (TSE:GRT.UN) Shares Pass Above 200-Day Moving Average - Time to Sell?

Key Points

• Granite REIT shares rose above their 200-day moving average, reaching C$98.55 and last trading at C$97.94, compared with a 200-day average of C$91.06.
• Analysts remain broadly positive: all eight covering analysts rate the stock a Buy, with a consensus price target of C$99.64. Recent target increases range from C$101 to C$110.
• The REIT reported quarterly EPS of C$1.51 on C$165.83 million in revenue and owns 147 logistics, warehouse, and industrial properties totaling about 62.6 million square feet.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$91.06 and traded as high as C$98.55. Granite Real Estate Investment Trust shares last traded at C$97.94, with a volume of 65,180 shares.

Wall Street Analyst Weigh In

Several brokerages have commented on GRT.UN. Scotia raised their target price on shares of Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the stock a "sector outperform" rating in a report on Friday, May 8th. Canadian Imperial Bank of Commerce boosted their price target on shares of Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a report on Friday, May 8th. Canaccord Genuity Group upped 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. National Bank Financial raised their price objective on shares of Granite Real Estate Investment Trust from C$102.50 to C$110.00 and gave the stock an "outperform" rating in a research note on Monday, April 20th. Finally, TD lifted 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 report on Friday, May 8th. Eight research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of C$99.64.

Granite Real Estate Investment Trust Stock Performance

The firm has a 50 day moving average of C$96.29 and a 200-day moving average of C$91.06. The stock has a market capitalization of C$5.95 billion, a PE ratio of 15.20 and a beta of 1.47. 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 (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U last announced its quarterly earnings data on Wednesday, May 6th. The company reported C$1.51 EPS for the quarter. The firm had revenue of C$165.83 million during the quarter. Granite Real Estate Investment Trust had a return on equity of 4.28% and a net margin of 42.50%. Research analysts forecast that Granite Real Estate Investment Trust will post 5.580574 earnings per share for the current year.

Granite Real Estate Investment Trust Company Profile

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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