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

Key Points

• Granite REIT shares moved above their 200-day moving average, reaching C$92.10 before last trading at C$91.13. The stock remains below its 50-day moving average of C$95.62.
• Analyst sentiment is broadly positive: all seven covering analysts rate the stock a Buy, with a consensus price target of C$103.50—above the recent trading price.
• The REIT reported quarterly earnings of C$1.16 per share on C$165.09 million in revenue and pays a monthly dividend of $0.2958 per share, implying a 3.9% annualized yield and a 57.68% payout ratio.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U's stock price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$91.44 and traded as high as C$92.10. Granite Real Estate Investment Trust shares last traded at C$91.13, with a volume of 113,342 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have commented on GRT.UN. Canadian Imperial Bank of Commerce increased their price objective on shares of Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a report on Friday, May 8th. TD increased their price target on shares of Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the company a "buy" rating in a research note on Friday, August 7th. National Bank Financial raised 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 dropped their price objective on shares of Granite Real Estate Investment Trust from C$110.00 to C$106.00 and set an "outperform" rating for the company in a research report on Friday, August 7th. Finally, Canaccord Genuity Group boosted their price objective on shares of Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. Seven research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of C$103.50.

Granite Real Estate Investment Trust Stock Performance

The stock has a 50-day moving average of C$95.62 and a 200 day moving average of C$91.44. The company has a debt-to-equity ratio of 57.74, a current ratio of 0.35 and a quick ratio of 1.61. The stock has a market capitalization of C$5.53 billion, a price-to-earnings ratio of 15.07 and a beta of 1.48.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U last announced its quarterly earnings data on Wednesday, August 5th. The company reported C$1.16 earnings per share for the quarter. The firm had revenue of C$165.09 million during the quarter. Granite Real Estate Investment Trust had a return on equity of 4.28% and a net margin of 42.50%. On average, analysts expect that Granite Real Estate Investment Trust will post 5.580574 EPS for the current year.

Granite Real Estate Investment Trust Dividend Announcement

The firm also recently declared a monthly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 14th were paid a dividend of $0.2958 per share. This represents a c) dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Friday, July 31st. Granite Real Estate Investment Trust's payout ratio is 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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source