Granite Real Estate Investment Trust (TSE:GRT.UN) Sets New 52-Week High – Time to Buy?

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s share price hit a new 52-week high on Thursday . The company traded as high as C$97.34 and last traded at C$97.09, with a volume of 18959 shares. The stock had previously closed at C$95.65.

Wall Street Analysts Forecast Growth

GRT.UN has been the subject of a number of analyst 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 boosted their price target on shares of Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Royal Bank Of Canada upped their target price on shares of Granite Real Estate Investment Trust from C$90.00 to C$100.00 in a research report on Friday, February 27th. National Bank Financial raised their price target 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 research note on Monday, April 20th. Finally, TD lifted their price target on Granite Real Estate Investment Trust from C$96.00 to C$101.00 and gave the company a “buy” rating in a report on Friday, May 8th. Eight equities research analysts have rated the stock with a Buy rating, According to MarketBeat, Granite Real Estate Investment Trust has an average rating of “Buy” and a consensus target price of C$99.64.

Granite Real Estate Investment Trust Trading Down 0.1%

The business has a fifty day moving average of C$89.60 and a 200-day moving average of C$85.67. The stock has a market capitalization of C$5.85 billion, a price-to-earnings ratio of 14.95 and a beta of 1.34. The company has a debt-to-equity ratio of 57.74, a current ratio of 0.35 and a quick ratio of 1.61.

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) last issued its quarterly earnings results on Wednesday, May 6th. The company reported C$1.51 earnings per share for the quarter. Granite Real Estate Investment Trust had a net margin of 42.50% and a return on equity of 4.28%. The company had revenue of C$165.83 million during the quarter. On average, equities 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 Announces Dividend

The firm also recently announced a monthly dividend, which was paid on Wednesday, April 15th. Investors of record on Wednesday, April 15th were paid a dividend of $0.2958 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a c) annualized dividend and a yield of 3.7%. Granite Real Estate Investment Trust’s dividend payout ratio is currently 53.53%.

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.