Granite Real Estate Investment Trust (TSE:GRT.UN) Shares Pass Above Fifty Day Moving Average – Here’s Why

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s share price crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of C$95.02 and traded as high as C$99.24. Granite Real Estate Investment Trust shares last traded at C$97.85, with a volume of 68,101 shares changing hands.

Analyst Ratings Changes

A number of brokerages have weighed in on GRT.UN. TD raised their price objective on Granite Real Estate Investment Trust from C$96.00 to C$101.00 and gave the company a “buy” rating in a research note on Friday, May 8th. National Bank Financial increased their target price on Granite Real Estate Investment Trust from C$102.50 to C$110.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Scotia raised their price target on shares of Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the stock a “sector outperform” rating in a research report on Friday, May 8th. Raymond James Financial lifted their price target on shares of Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the stock an “outperform” rating in a research note on Friday, May 8th. Finally, Canaccord Genuity Group upped their price target on shares of Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the company a “buy” rating in a report on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Granite Real Estate Investment Trust has an average rating of “Buy” and an average price target of C$99.64.

Granite Real Estate Investment Trust Stock Down 0.3%

The company has a debt-to-equity ratio of 57.74, a quick ratio of 1.61 and a current ratio of 0.35. The firm has a 50 day simple moving average of C$95.02 and a two-hundred day simple moving average of C$89.92. The stock has a market cap of C$5.94 billion, a P/E ratio of 15.18 and a beta of 1.47.

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) last released its quarterly earnings results on Wednesday, May 6th. The company reported C$1.51 EPS for the quarter. The company had revenue of C$165.83 million for the quarter. Granite Real Estate Investment Trust had a net margin of 42.50% and a return on equity of 4.28%. Equities research analysts predict that Granite Real Estate Investment Trust will post 5.580574 earnings per share for the current year.

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.