Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Crosses Below 200 Day Moving Average of $72.89

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s share price passed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$72.89 and traded as low as C$66.31. Granite Real Estate Investment Trust shares last traded at C$66.52, with a volume of 48,947 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. National Bankshares cut their price objective on Granite Real Estate Investment Trust from C$87.00 to C$85.00 and set an “outperform” rating on the stock in a report on Wednesday, April 24th. Royal Bank of Canada increased their price target 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 report on Friday, March 1st. Desjardins lifted their price objective on shares of Granite Real Estate Investment Trust from C$84.00 to C$87.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Canaccord Genuity Group cut their price objective on shares of Granite Real Estate Investment Trust from C$96.50 to C$90.00 in a research note on Friday, May 10th. 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 report on Monday, March 4th. Seven investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of C$87.70.

Granite Real Estate Investment Trust Price Performance

The company has a market cap of C$4.19 billion, a price-to-earnings ratio of 19.51 and a beta of 1.16. The company has a 50-day simple moving average of C$68.55 and a 200-day simple moving average of C$72.89. The company has a debt-to-equity ratio of 58.04, a quick ratio of 1.61 and a current ratio of 0.45.

Granite Real Estate Investment Trust Dividend Announcement

The firm also recently disclosed a monthly dividend, which was paid on Friday, June 14th. Investors of record on Friday, June 14th were issued a dividend of $0.275 per share. This represents a $3.30 dividend on an annualized basis and a yield of 4.96%. The ex-dividend date of this dividend was Friday, May 31st. Granite Real Estate Investment Trust’s dividend payout ratio is presently 96.77%.

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 143 investment properties representing approximately 62.9 million square feet of leasable area.