Granite Real Estate Investment Trust (TSE:GRT.UN) Sets New 12-Month High – Should You Buy?

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

Analyst Ratings Changes

A number of research firms recently commented on GRT.UN. Canaccord Genuity Group increased their price objective on Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the company a “buy” rating in a research note on Friday, May 8th. National Bank Financial upped their target price 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. TD raised their price target 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. Scotia boosted their price objective 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, Canadian Imperial Bank of Commerce boosted their price objective on shares of Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a research report on Friday, May 8th. Eight analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of C$99.64.

Granite Real Estate Investment Trust Price Performance

The stock has a market capitalization of C$6.03 billion, a price-to-earnings ratio of 15.41 and a beta of 1.47. The company has a 50 day moving average of C$94.32 and a 200 day moving average of C$89.23. The company has a quick ratio of 1.61, a current ratio of 0.35 and a debt-to-equity ratio of 57.74.

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 (EPS) for the quarter. The firm had revenue of C$165.83 million for the quarter. Granite Real Estate Investment Trust had a return on equity of 4.28% and a net margin of 42.50%. As a group, equities research analysts forecast that Granite Real Estate Investment Trust will post 5.580574 EPS 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.