Granite Real Estate Investment Trust (TSE:GRT.UN) Shares Pass Below Two Hundred Day Moving Average - Should You Sell?

Key Points

• Granite REIT shares fell below their 200-day moving average, trading as low as C$86.63 and last changing hands at C$87.37, compared with a 200-day average of C$91.61.
• Analysts remain broadly bullish: all seven covering analysts rate the stock a Buy, with a consensus price target of C$103.50—well above its recent trading level.
• The REIT reported quarterly earnings of C$1.16 per share on C$165.09 million in revenue and pays a monthly C$0.2958 dividend, representing an annualized yield of about 4.1%.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U's stock price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$91.61 and traded as low as C$86.63. Granite Real Estate Investment Trust shares last traded at C$87.37, with a volume of 46,449 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms recently commented on GRT.UN. TD increased their target price 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 report on Friday, August 7th. Desjardins upped their price target on Granite Real Estate Investment Trust from C$106.00 to C$108.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Finally, Raymond James Financial reduced 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. Seven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of C$103.50.

Granite Real Estate Investment Trust Trading Down 0.4%

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$5.42 billion, a price-to-earnings ratio of 14.45 and a beta of 1.41. The business has a fifty day simple moving average of C$93.53 and a 200 day simple moving average of C$91.61.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U last announced its earnings results 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 net margin of 42.50% and a return on equity of 4.28%. As a group, equities analysts anticipate 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 disclosed a monthly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 14th were given a $0.2958 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a c) dividend on an annualized basis and a dividend yield of 4.1%. Granite Real Estate Investment Trust's payout ratio is currently 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.

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