Granite Real Estate Investment Trust (TSE:GRT.UN) Sets New 12-Month High – Here’s What Happened

Shares of Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) hit a new 52-week high on Wednesday . The stock traded as high as C$99.55 and last traded at C$99.31, with a volume of 122085 shares traded. The stock had previously closed at C$97.20.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on GRT.UN shares. Canadian Imperial Bank of Commerce increased their target price 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 upped their price objective 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 report on Friday, May 8th. National Bank Financial increased their price objective on shares of Granite Real Estate Investment Trust from C$102.50 to C$110.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Scotia lifted their target price on shares of Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the company a “sector outperform” rating in a research report on Friday, May 8th. Finally, TD boosted their target price on shares of Granite Real Estate Investment Trust from C$96.00 to C$101.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Eight research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Granite Real Estate Investment Trust currently has a consensus rating of “Buy” and an average price target of C$99.64.

Granite Real Estate Investment Trust Stock Down 1.5%

The company has a debt-to-equity ratio of 57.74, a current ratio of 0.35 and a quick ratio of 1.61. The company has a market capitalization of C$5.88 billion, a PE ratio of 15.02 and a beta of 1.47. The business’s 50 day simple moving average is C$94.57 and its 200 day simple moving average is C$89.45.

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