Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Breaks Below 200 Day Moving Average - What's Next?

Key Points

• Granite REIT shares fell below their 200-day moving average, reaching as low as C$83.35 versus the C$91.17 average, and last traded at C$83.72.
• Analysts remain broadly positive: seven analysts rate the stock a Buy, with a consensus price target of C$103.50; recent targets range from C$103 to C$108, while Raymond James set C$106.
• The REIT reported quarterly EPS of C$1.14 on C$165.09 million in revenue and declared a monthly dividend of C$0.2958 per share, equal to an annualized yield of approximately 4.2%.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U's share price passed below its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of C$91.17 and traded as low as C$83.35. Granite Real Estate Investment Trust shares last traded at C$83.72, with a volume of 62,339 shares changing hands.

Analysts Set New Price Targets

GRT.UN has been the subject of a number of analyst reports. TD lifted their price objective 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 report on Friday, August 7th. Desjardins upped their target price on shares of Granite Real Estate Investment Trust from C$106.00 to C$108.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Finally, Raymond James Financial lowered their target price on shares of Granite Real Estate Investment Trust from C$110.00 to C$106.00 and set an "outperform" rating on the stock in a report on Friday, August 7th. Seven research analysts have rated the stock with a Buy rating. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of C$103.50.

Granite Real Estate Investment Trust Stock Performance

The company has a 50-day moving average of C$86.97 and a 200-day moving average of C$91.17. The company has a market cap of C$5.20 billion, a PE ratio of 13.85 and a beta of 1.48. 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 released its quarterly earnings results on Wednesday, August 5th. The company reported C$1.14 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 business had revenue of C$165.09 million during the quarter. As a group, analysts anticipate that Granite Real Estate Investment Trust will post 5.58 earnings per share for the current year.

Granite Real Estate Investment Trust Dividend Announcement

The company also recently declared a monthly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 14th were given a dividend of $0.2958 per share. This represents a $3.55 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend was Friday, July 31st. Granite Real Estate Investment Trust's dividend payout ratio (DPR) is presently 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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