Granite Real Estate Investment Trust (TSE:GRT.UN) Sets New 52-Week High – Here’s What Happened

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) hit a new 52-week high during trading on Monday . The stock traded as high as C$82.45 and last traded at C$82.15, with a volume of 16479 shares. The stock had previously closed at C$81.16.

Analysts Set New Price Targets

A number of equities analysts have issued reports on GRT.UN shares. TD Securities boosted their price objective on shares of Granite Real Estate Investment Trust from C$85.00 to C$88.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Royal Bank Of Canada lifted their price objective on Granite Real Estate Investment Trust from C$88.00 to C$90.00 in a research report on Tuesday, November 11th. Raymond James Financial boosted their price objective on shares of Granite Real Estate Investment Trust from C$90.00 to C$93.00 in a research note on Monday, November 10th. BMO Capital Markets lifted their price target on Granite Real Estate Investment Trust from C$84.00 to C$87.00 in a research report on Monday, November 10th. Finally, National Bankshares increased their price objective on Granite Real Estate Investment Trust from C$85.00 to C$86.00 and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Five 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$87.88.

Granite Real Estate Investment Trust Price Performance

The firm has a market cap of C$4.99 billion, a PE ratio of 17.40 and a beta of 1.51. 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 50 day moving average price of C$77.69 and a 200 day moving average price of C$75.73.

Granite Real Estate Investment Trust Announces Dividend

The company also recently disclosed a monthly dividend, which was paid on Friday, November 14th. Investors of record on Friday, November 14th were issued a dividend of $0.2833 per share. The ex-dividend date of this dividend was Friday, October 31st. This represents a c) annualized dividend and a yield of 4.1%. Granite Real Estate Investment Trust’s payout ratio is currently 71.54%.

About Granite Real Estate Investment Trust

Granite Real Estate Investment Trust, or Granite, is a real estate investment trust engaged in the acquisition, development, and management of primarily industrial properties in North America and Europe. Granite’s portfolio comprises various manufacturing, corporate office, warehouse and logistics, and product engineering facilities. The vast majority of the company’s assets are logistics and distribution warehouses and multipurpose buildings split fairly evenly amongst Canadian, Austrian, and U.S.