Granite Real Estate Investment Trust (TSE:GRT.UN) Hits New 1-Year High at $61.36

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) reached a new 52-week high during mid-day trading on Monday . The company traded as high as C$61.36 and last traded at C$60.95, with a volume of 11915 shares changing hands. The stock had previously closed at C$61.07.

GRT.UN has been the topic of a number of recent research reports. TD Securities lifted their price target on shares of Granite Real Estate Investment Trust from C$65.00 to C$70.00 in a research report on Friday, March 8th. Royal Bank of Canada boosted their target price on shares of Granite Real Estate Investment Trust from C$62.00 to C$66.00 and gave the stock an “outperform” rating in a research report on Monday, March 11th. BMO Capital Markets boosted their target price on shares of Granite Real Estate Investment Trust from C$60.00 to C$69.50 and gave the stock a “market perform” rating in a research report on Monday, March 18th. CIBC reissued an “outperform” rating and set a C$69.00 target price on shares of Granite Real Estate Investment Trust in a research report on Thursday, March 21st. Finally, Desjardins boosted their target price on shares of Granite Real Estate Investment Trust from C$64.00 to C$65.00 in a research report on Friday, May 10th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of C$68.30.

The firm has a market cap of $2.79 billion and a PE ratio of 4.55. The company has a debt-to-equity ratio of 30.00, a quick ratio of 2.47 and a current ratio of 2.72.

The business also recently declared a monthly dividend, which was paid on Friday, June 14th. Investors of record on Friday, June 14th were issued a $0.233 dividend. The ex-dividend date was Thursday, May 30th. This represents a $2.80 annualized dividend and a yield of 4.59%. Granite Real Estate Investment Trust’s dividend payout ratio is presently 20.89%.

In related news, Senior Officer Lorne Kumer sold 2,135 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of C$63.18, for a total value of C$134,894.21. Following the sale, the insider now directly owns 9,185 shares of the company’s stock, valued at C$580,329.43.

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About Granite Real Estate Investment Trust (TSE:GRT.UN)

Granite is a Canadian based REIT engaged in the acquisition, development, ownership and management of industrial, warehouse and logistics properties in North America and Europe. Granite owns over 85 investment properties representing approximately 34 million square feet of leasable area.

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