Brokerages Set Granite Real Estate Investment Trust (TSE:GRT.UN) Price Target at C$88.33

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) has earned a consensus rating of “Buy” from the nine ratings firms that are presently covering the stock, MarketBeat reports. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is C$88.33.

GRT.UN has been the topic of several analyst reports. Laurentian boosted their target price on Granite Real Estate Investment Trust from C$80.00 to C$90.00 and gave the stock a “buy” rating in a report on Monday, January 22nd. National Bankshares upped their price target on Granite Real Estate Investment Trust from C$83.00 to C$87.00 and gave the company an “outperform” rating in a report on Monday, January 29th. Royal Bank of Canada upped their price target on Granite Real Estate Investment Trust from C$86.00 to C$89.00 and gave the company an “outperform” rating in a report on Friday, March 1st. Raymond James upped their price target on Granite Real Estate Investment Trust from C$90.00 to C$91.00 and gave the company a “strong-buy” rating in a report on Monday, January 8th. Finally, Desjardins increased their target price on Granite Real Estate Investment Trust from C$84.00 to C$87.00 and gave the company a “buy” rating in a report on Friday, March 1st.

Granite Real Estate Investment Trust Price Performance

GRT.UN opened at C$71.84 on Friday. The company has a debt-to-equity ratio of 58.81, a quick ratio of 1.61 and a current ratio of 0.40. Granite Real Estate Investment Trust has a 52-week low of C$62.72 and a 52-week high of C$86.39. The stock has a market capitalization of C$4.55 billion, a PE ratio of 33.26 and a beta of 1.14. The stock’s 50 day moving average price is C$75.02 and its 200-day moving average price is C$73.04.

Granite Real Estate Investment Trust Announces Dividend

The company also recently disclosed a monthly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 15th were issued a dividend of $0.275 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.30 annualized dividend and a yield of 4.59%. Granite Real Estate Investment Trust’s payout ratio is currently 152.78%.

About Granite Real Estate Investment Trust

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.