Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Passes Below 200 Day Moving Average - Should You Sell?

Key Points

• Granite REIT shares fell below their 200-day moving average, trading as low as C$83.02 versus the C$91.41 average, and last changing hands at C$83.70.
• Despite the technical weakness, analysts remain positive: all seven covering analysts rate the stock a Buy, with an average price target of C$103.50.
• The REIT reported quarterly EPS of C$1.16 on C$165.09 million in revenue and pays a monthly dividend of $0.2958 per share, representing an annualized yield of about 4.2%.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$91.41 and traded as low as C$83.02. Granite Real Estate Investment Trust shares last traded at C$83.70, with a volume of 94,938 shares trading hands.

Analysts Set New Price Targets

GRT.UN has been the topic of several recent research reports. Desjardins increased their target price on Granite Real Estate Investment Trust from C$106.00 to C$108.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Raymond James Financial cut their target price on Granite Real Estate Investment Trust from C$110.00 to C$106.00 and set an "outperform" rating for the company in a research note on Friday, August 7th. Finally, TD lifted their target price on 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. Seven research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of C$103.50.

Granite Real Estate Investment Trust Stock Performance

The company's 50-day moving average is C$91.91 and its two-hundred day moving average is C$91.41. The company has a market capitalization of C$5.20 billion, a P/E ratio of 13.85 and a beta of 1.41. 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 announced its quarterly earnings data on Wednesday, August 5th. The company reported C$1.16 earnings per share for the quarter. Granite Real Estate Investment Trust had a net margin of 42.50% and a return on equity of 4.28%. The firm had revenue of C$165.09 million during the quarter. Equities analysts anticipate that Granite Real Estate Investment Trust will post 5.580574 earnings per share for the current fiscal year.

Granite Real Estate Investment Trust Announces Dividend

The firm also recently announced a monthly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 14th were paid a dividend of $0.2958 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a c) annualized dividend and a dividend yield of 4.2%. 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.

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