Granite Real Estate Investment Trust (TSE:GRT.UN) Receives C$103.50 Average PT from Brokerages

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) has received a consensus rating of “Buy” from the seven research firms that are covering the stock, MarketBeat reports. Seven analysts have rated the stock with a buy rating. The average twelve-month price objective among analysts that have covered the stock in the last year is C$103.50.

GRT.UN has been the subject of several recent research reports. Canadian Imperial Bank of Commerce boosted their price objective on Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a research report on Friday, May 8th. Raymond James Financial cut their target price on shares of Granite Real Estate Investment Trust from C$110.00 to C$106.00 and set an “outperform” rating on the stock in a report on Friday, August 7th. Scotia lifted their target price 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 note on Friday, May 8th. TD lifted their target price on shares of Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. 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.

Granite Real Estate Investment Trust Stock Down 2.3%

Shares of TSE:GRT.UN opened at C$88.87 on Friday. The stock’s 50-day moving average price is C$95.12 and its 200-day moving average price is C$91.55. Granite Real Estate Investment Trust has a 12-month low of C$75.00 and a 12-month high of C$101.50. The stock has a market capitalization of C$5.52 billion, a P/E ratio of 14.70 and a beta of 1.48. The company has a current ratio of 0.35, a quick ratio of 1.61 and a debt-to-equity ratio of 57.74.

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) last released its earnings results 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 during the quarter. Granite Real Estate Investment Trust had a return on equity of 4.28% and a net margin of 42.50%. On average, equities analysts anticipate that Granite Real Estate Investment Trust will post 5.580574 earnings per share for the current year.

Granite Real Estate Investment Trust Dividend Announcement

The company also recently disclosed a monthly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 14th were given a $0.2958 dividend. The ex-dividend date was Friday, July 31st. This represents a c) dividend on an annualized basis and a dividend yield of 4.0%. Granite Real Estate Investment Trust’s payout ratio is presently 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.