Granite Real Estate Investment Trust (TSE:GRT.UN) Hits New 12-Month High – What’s Next?

Shares of Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) reached a new 52-week high during trading on Friday . The stock traded as high as C$99.70 and last traded at C$99.68, with a volume of 2255 shares changing hands. The stock had previously closed at C$99.11.

Analysts Set New Price Targets

GRT.UN has been the subject of several research reports. Canadian Imperial Bank of Commerce lifted 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 increased their target price on 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. Canaccord Genuity Group raised their price target 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. Scotia boosted their price target on Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the stock a “sector outperform” rating in a report on Friday, May 8th. Finally, 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 report on Monday, April 20th. Eight investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of C$99.64.

Granite Real Estate Investment Trust Price Performance

The company has a market capitalization of C$6.06 billion, a price-to-earnings ratio of 15.49 and a beta of 1.47. The company has a current ratio of 0.35, a quick ratio of 1.61 and a debt-to-equity ratio of 57.74. The company’s 50 day simple moving average is C$95.16 and its 200-day simple moving average is C$90.04.

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) last posted its quarterly earnings data on Wednesday, May 6th. The company reported C$1.51 earnings per share for the quarter. The business had revenue of C$165.83 million during 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 research analysts predict that Granite Real Estate Investment Trust will post 5.580574 earnings per share for the current fiscal year.

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.