Granite Real Estate Investment Trust (TSE:GRT.UN) Share Price Passes Below Two Hundred Day Moving Average of $73.00

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$73.00 and traded as low as C$68.67. Granite Real Estate Investment Trust shares last traded at C$69.35, with a volume of 195,480 shares.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Royal Bank of Canada boosted their target price on shares of Granite Real Estate Investment Trust from C$86.00 to C$89.00 and gave the stock an “outperform” rating in a research note on Friday, March 1st. Raymond James boosted their target price on shares of Granite Real Estate Investment Trust from C$90.00 to C$91.00 and gave the stock a “strong-buy” rating in a research note on Monday, January 8th. Desjardins boosted their target price on shares of Granite Real Estate Investment Trust from C$84.00 to C$87.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. TD Securities dropped their target price on shares of Granite Real Estate Investment Trust from C$90.00 to C$88.00 in a research note on Wednesday. Finally, BMO Capital Markets boosted their target price on shares of Granite Real Estate Investment Trust from C$81.00 to C$84.00 in a research note on Monday, March 4th. Seven research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of C$87.33.

Granite Real Estate Investment Trust Stock Performance

The stock has a market cap of C$4.39 billion, a price-to-earnings ratio of 32.06 and a beta of 1.14. The stock’s fifty day moving average is C$74.37 and its 200-day moving average is C$72.96. The company has a quick ratio of 1.61, a current ratio of 0.40 and a debt-to-equity ratio of 58.81.

Granite Real Estate Investment Trust Dividend Announcement

The company also recently disclosed a monthly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 15th were issued a dividend of $0.275 per share. This represents a $3.30 dividend on an annualized basis and a yield of 4.77%. The ex-dividend date of this dividend was Wednesday, March 27th. Granite Real Estate Investment Trust’s dividend payout ratio is currently 152.78%.

Granite Real Estate Investment Trust Company Profile

Granite is a Canadian based REIT engaged in the acquisition, development, ownership and management of industrial, warehouse and logistics properties in North America and Europe. Granite owns over 85 investment properties representing approximately 34 million square feet of leasable area.