Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Crosses Above 50-Day Moving Average - What's Next?

Key Points

• Granite Real Estate Investment Trust’s stock moved above its 50-day moving average, trading as high as C$99.24 and last changing hands at C$97.85, a technical signal that may suggest renewed momentum.
• Several analysts raised their price targets on the REIT, with multiple firms issuing Buy or Outperform ratings; the current average target price is C$99.64.
• The company recently reported quarterly EPS of C$1.51 on revenue of C$165.83 million, and analysts expect full-year EPS of about 5.58.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U's stock price crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of C$95.02 and traded as high as C$99.24. Granite Real Estate Investment Trust shares last traded at C$97.85, with a volume of 68,101 shares traded.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on GRT.UN. Canadian Imperial Bank of Commerce upped their target price on shares of Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a research note on Friday, May 8th. Raymond James Financial raised their price target on Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the stock an "outperform" rating in a research note on Friday, May 8th. Scotia lifted their price objective on shares of Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the company a "sector outperform" rating in a research note on Friday, May 8th. National Bank Financial boosted 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 report on Monday, April 20th. Finally, TD boosted their price target 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. Eight investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of C$99.64.

Granite Real Estate Investment Trust Price Performance

The stock has a market capitalization of C$5.94 billion, a price-to-earnings ratio of 15.18 and a beta of 1.47. The company has a 50 day moving average of C$95.02 and a 200 day moving average of C$89.92. The company has a quick ratio of 1.61, a current ratio of 0.35 and a debt-to-equity ratio of 57.74.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U last posted its quarterly earnings results on Wednesday, May 6th. The company reported C$1.51 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 company had revenue of C$165.83 million during the quarter. As a group, equities research analysts forecast that Granite Real Estate Investment Trust will post 5.580574 EPS 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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