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

Key Points

• Granite REIT shares fell below their 200-day moving average, trading as low as C$82.68 versus the C$91.18 average before closing at C$85.00.
• Analysts remain broadly positive: seven analysts rate the stock a Buy, with a consensus price target of C$103.50. TD and Desjardins raised their targets, while Raymond James lowered its target to C$106 but maintained an Outperform rating.
• The REIT reported C$1.16 in quarterly EPS on C$165.09 million in revenue and pays a monthly dividend of C$0.2958 per share, equating to an annualized yield of about 4.2%.

Granite Real Estate Investment Trust (TSE:GRT.UN - Get Free Report) NASDAQ: GRP.U crossed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of C$91.18 and traded as low as C$82.68. Granite Real Estate Investment Trust shares last traded at C$85.00, with a volume of 144,638 shares trading hands.

Analyst Ratings Changes

Several research analysts have weighed in on GRT.UN shares. TD boosted their price target on Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Desjardins increased their price objective on Granite Real Estate Investment Trust from C$106.00 to C$108.00 and gave the company a "buy" rating in a report on Friday, August 7th. Finally, Raymond James Financial decreased their target price 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 note on Friday, August 7th. Seven equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of C$103.50.

Granite Real Estate Investment Trust Stock Performance

The stock has a market capitalization of C$5.28 billion, a P/E ratio of 14.06 and a beta of 1.41. The stock's 50-day simple moving average is C$90.17 and its 200 day simple moving average is C$91.18. The company has a debt-to-equity ratio of 57.74, a current ratio of 0.35 and a quick ratio of 1.61.

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

Granite Real Estate Investment Trust Announces Dividend

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