Granite Real Estate Investment Trust (TSE:GRT.UN) Raises Dividend to $0.28 Per Share

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) announced a monthly dividend on Tuesday, December 31st,TickerTech Dividends reports. Stockholders of record on Wednesday, January 15th will be given a dividend of 0.2833 per share on Wednesday, January 15th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 4.87%. The ex-dividend date of this dividend is Tuesday, December 31st. This is a positive change from Granite Real Estate Investment Trust’s previous monthly dividend of $0.28.

Granite Real Estate Investment Trust Stock Up 1.5 %

Shares of TSE GRT.UN opened at C$69.76 on Wednesday. The company has a market cap of C$4.38 billion, a price-to-earnings ratio of 19.22 and a beta of 1.18. The company has a quick ratio of 1.61, a current ratio of 0.35 and a debt-to-equity ratio of 57.74. The firm’s fifty day moving average is C$74.11 and its 200 day moving average is C$73.81. Granite Real Estate Investment Trust has a 52 week low of C$64.50 and a 52 week high of C$82.88.

Wall Street Analyst Weigh In

GRT.UN has been the subject of several recent analyst reports. National Bankshares upped their price objective on shares of Granite Real Estate Investment Trust from C$85.00 to C$93.50 in a research note on Wednesday, October 9th. BMO Capital Markets lifted their price objective on Granite Real Estate Investment Trust from C$86.00 to C$88.00 in a research report on Monday, November 11th. Raymond James upped their target price on Granite Real Estate Investment Trust from C$90.00 to C$92.00 in a report on Friday, September 6th. Finally, TD Securities raised their target price on Granite Real Estate Investment Trust from C$91.00 to C$93.00 in a research note on Friday, November 8th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Granite Real Estate Investment Trust currently has a consensus rating of “Buy” and a consensus price target of C$89.72.

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.