Granite Real Estate Investment Trust (TSE:GRT.UN) Receives Consensus Rating of “Buy” from Brokerages

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) has been assigned an average recommendation of “Buy” from the nine ratings firms that are currently covering the firm, MarketBeat.com reports. Seven investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is C$87.33.

A number of equities research analysts recently weighed in on the stock. Laurentian raised their target price on shares of Granite Real Estate Investment Trust from C$80.00 to C$90.00 and gave the company a “buy” rating in a research note on Monday, January 22nd. Royal Bank of Canada boosted their price objective 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. TD Securities cut their price objective on shares of Granite Real Estate Investment Trust from C$90.00 to C$88.00 in a research note on Wednesday, April 24th. BMO Capital Markets lifted 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. Finally, Desjardins raised their price objective on 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.

Granite Real Estate Investment Trust Stock Performance

TSE GRT.UN opened at C$69.49 on Wednesday. Granite Real Estate Investment Trust has a 1 year low of C$62.72 and a 1 year high of C$83.90. The company has a debt-to-equity ratio of 58.81, a current ratio of 0.40 and a quick ratio of 1.61. The firm has a market cap of C$4.40 billion, a price-to-earnings ratio of 32.17 and a beta of 1.14. The company has a fifty day moving average price of C$73.36 and a 200-day moving average price of C$72.87.

Granite Real Estate Investment Trust Announces Dividend

The firm also recently announced a monthly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 15th were issued a $0.275 dividend. This represents a $3.30 dividend on an annualized basis and a dividend yield of 4.75%. The ex-dividend date of this dividend was Wednesday, March 27th. Granite Real Estate Investment Trust’s payout ratio is 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.