Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Price Crosses Below Two Hundred Day Moving Average of $72.58

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s share price passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$72.58 and traded as low as C$67.44. Granite Real Estate Investment Trust shares last traded at C$67.99, with a volume of 16,200 shares trading hands.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GRT.UN. Canaccord Genuity Group reduced their price objective on shares of Granite Real Estate Investment Trust from C$96.50 to C$90.00 in a research report on Friday, May 10th. National Bankshares decreased their price objective on shares of Granite Real Estate Investment Trust from C$87.00 to C$85.00 and set an “outperform” rating for the company in a research note on Wednesday, April 24th. TD Securities dropped their price objective on Granite Real Estate Investment Trust from C$90.00 to C$88.00 in a report on Wednesday, April 24th. Finally, CIBC boosted their target price on Granite Real Estate Investment Trust from C$84.00 to C$85.00 in a report on Friday, May 10th. Seven research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of C$87.70.

Granite Real Estate Investment Trust Stock Down 1.1 %

The company has a quick ratio of 1.61, a current ratio of 0.45 and a debt-to-equity ratio of 58.04. The stock has a market capitalization of C$4.24 billion, a PE ratio of 19.71 and a beta of 1.16. The firm’s fifty day moving average is C$68.35 and its 200-day moving average is C$72.51.

Granite Real Estate Investment Trust Dividend Announcement

The firm also recently announced a monthly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, June 14th were paid a dividend of $0.275 per share. This represents a $3.30 dividend on an annualized basis and a dividend yield of 4.91%. The ex-dividend date was Friday, May 31st. Granite Real Estate Investment Trust’s dividend payout ratio (DPR) is 96.77%.

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