Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Price Passes Below 200 Day Moving Average – Here’s Why

Shares of Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$68.81 and traded as low as C$65.65. Granite Real Estate Investment Trust shares last traded at C$66.43, with a volume of 74,129 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have commented on GRT.UN shares. Raymond James reduced their price objective on Granite Real Estate Investment Trust from C$93.00 to C$88.00 in a research report on Friday, February 28th. Scotiabank dropped their price target on Granite Real Estate Investment Trust from C$85.00 to C$75.00 and set an “outperform” rating for the company in a report on Tuesday, April 8th. Finally, TD Securities dropped their price target on Granite Real Estate Investment Trust from C$87.00 to C$77.00 in a report on Monday, April 21st.

Granite Real Estate Investment Trust Price Performance

The company has a 50 day moving average price of C$64.11 and a 200 day moving average price of C$68.81. The company has a market capitalization of C$4.17 billion, a price-to-earnings ratio of 18.30 and a beta of 1.18. 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 Dividend Announcement

The company also recently announced a monthly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th were paid a $0.2833 dividend. The ex-dividend date was Monday, March 31st. This represents a $3.40 annualized dividend and a dividend yield of 5.12%. Granite Real Estate Investment Trust’s dividend payout ratio (DPR) is currently 90.91%.

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 143 investment properties representing approximately 62.9 million square feet of leasable area.