Granite Real Estate Investment Trust (TSE:GRT.UN) Posts Earnings Results

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) issued its earnings results on Wednesday. The company reported C$1.16 earnings per share for the quarter, FiscalAI reports. The business had revenue of C$165.09 million for the quarter. Granite Real Estate Investment Trust had a net margin of 42.50% and a return on equity of 4.28%.

Granite Real Estate Investment Trust Price Performance

TSE:GRT.UN traded up C$0.74 on Wednesday, reaching C$93.30. The stock had a trading volume of 88,088 shares, compared to its average volume of 103,328. The company has a market capitalization of C$5.66 billion, a P/E ratio of 14.48 and a beta of 1.47. Granite Real Estate Investment Trust has a 1-year low of C$74.29 and a 1-year high of C$101.50. The company has a quick ratio of 1.61, a current ratio of 0.35 and a debt-to-equity ratio of 57.74. The stock has a fifty day moving average price of C$96.26 and a 200-day moving average price of C$91.30.

Granite Real Estate Investment Trust Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, August 14th will be issued a dividend of $0.2958 per share. This represents a c) annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Friday, July 31st. Granite Real Estate Investment Trust’s dividend payout ratio (DPR) is currently 53.53%.

Wall Street Analyst Weigh In

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

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.