Granite Real Estate Investment Trust (TSE:GRT.UN) Hits New 52-Week High – Time to Buy?

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) reached a new 52-week high during trading on Friday . The stock traded as high as C$98.10 and last traded at C$98.10, with a volume of 76050 shares trading hands. The stock had previously closed at C$95.44.

Analyst Upgrades and Downgrades

GRT.UN has been the topic of several research reports. Canadian Imperial Bank of Commerce boosted their target price on Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a research note on Friday, May 8th. TD Securities boosted their target price on Granite Real Estate Investment Trust from C$94.00 to C$96.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Raymond James Financial boosted their target price on Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. BMO Capital Markets boosted their target price on Granite Real Estate Investment Trust from C$87.00 to C$97.00 in a research note on Friday, February 27th. Finally, Canaccord Genuity Group boosted their target price on Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Eight equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of C$99.64.

Granite Real Estate Investment Trust Trading Up 1.9%

The company has a market cap of C$5.91 billion, a P/E ratio of 15.09 and a beta of 1.34. The company has a current ratio of 0.35, a quick ratio of 1.61 and a debt-to-equity ratio of 57.74. The business has a 50 day moving average price of C$90.66 and a 200-day moving average price of C$86.20.

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) last announced its quarterly earnings data on Wednesday, May 6th. The company reported C$1.51 earnings per share (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 company had revenue of C$165.83 million for the quarter. Analysts forecast 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 business also recently disclosed a monthly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 15th were paid a dividend of $0.2958 per share. The ex-dividend date was Tuesday, March 31st. This represents a c) dividend on an annualized basis and a dividend yield of 3.6%. Granite Real Estate Investment Trust’s dividend payout ratio is currently 53.53%.

Granite Real Estate Investment Trust Company Profile

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.