Granite Real Estate Investment Trust (TSE:GRT.UN) Hits New 52-Week High – Still a Buy?

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) shares hit a new 52-week high during trading on Thursday . The company traded as high as C$84.32 and last traded at C$83.75, with a volume of 20658 shares. The stock had previously closed at C$83.27.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Desjardins upped their price objective on Granite Real Estate Investment Trust from C$87.00 to C$89.00 and gave the company a “buy” rating in a research note on Monday, October 6th. TD Securities boosted their price target on Granite Real Estate Investment Trust from C$85.00 to C$88.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Royal Bank Of Canada increased their price objective on Granite Real Estate Investment Trust from C$88.00 to C$90.00 in a research note on Tuesday, November 11th. BMO Capital Markets lifted their price objective on Granite Real Estate Investment Trust from C$84.00 to C$87.00 in a report on Monday, November 10th. Finally, Raymond James Financial boosted their target price on shares of Granite Real Estate Investment Trust from C$90.00 to C$93.00 in a research note on Monday, November 10th. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, 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 Trading Up 0.6%

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 stock has a market cap of C$5.08 billion, a P/E ratio of 17.71 and a beta of 1.43. The company has a 50-day simple moving average of C$78.51 and a 200-day simple moving average of C$76.76.

Granite Real Estate Investment Trust Announces Dividend

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

Granite Real Estate Investment Trust Company Profile

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.