Granite Real Estate Investment Trust (TSE:GRT.UN) Shares Pass Below 200 Day Moving Average – Should You Sell?

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s share price passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$91.62 and traded as low as C$87.11. Granite Real Estate Investment Trust shares last traded at C$87.87, with a volume of 120,530 shares changing hands.

Analyst Ratings Changes

A number of research firms recently weighed in on GRT.UN. Raymond James Financial lowered their target price on shares of Granite Real Estate Investment Trust from C$110.00 to C$106.00 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Canaccord Genuity Group lifted 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 report on Friday, May 8th. Desjardins upped their price objective on Granite Real Estate Investment Trust from C$106.00 to C$108.00 and gave the company a “buy” rating in a research note on Friday, August 7th. TD increased their target price on Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Finally, Canadian Imperial Bank of Commerce raised their target price on Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a research report on Friday, May 8th. Seven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of C$103.50.

Granite Real Estate Investment Trust Stock Up 0.3%

The firm has a market cap of C$5.46 billion, a price-to-earnings ratio of 14.55 and a beta of 1.48. 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 business’s 50-day moving average is C$94.33 and its 200-day moving average is C$91.62.

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) last released its quarterly earnings results on Wednesday, August 5th. The company reported C$1.16 EPS for the quarter. The firm 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%. On average, equities analysts predict that Granite Real Estate Investment Trust will post 5.580574 EPS for the current year.

Granite Real Estate Investment Trust Dividend Announcement

The firm also recently announced a monthly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 14th were issued a $0.2958 dividend. This represents a c) annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Friday, July 31st. Granite Real Estate Investment Trust’s payout ratio is presently 57.68%.

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.