Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Passes Below 200 Day Moving Average – Here’s Why

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s stock price crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$73.92 and traded as low as C$68.96. Granite Real Estate Investment Trust shares last traded at C$69.18, with a volume of 86,893 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GRT.UN. BMO Capital Markets raised their price objective on Granite Real Estate Investment Trust from C$86.00 to C$88.00 in a report on Monday, November 11th. TD Securities raised their price target on shares of Granite Real Estate Investment Trust from C$91.00 to C$93.00 in a report on Friday, November 8th. Finally, National Bankshares lifted their price target on shares of Granite Real Estate Investment Trust from C$85.00 to C$93.50 in a research report on Wednesday, October 9th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of C$89.72.

Granite Real Estate Investment Trust Trading Up 0.8 %

The firm has a fifty day moving average of C$72.65 and a 200 day moving average of C$73.92. The firm has a market capitalization of C$4.34 billion, a PE ratio of 19.06 and a beta of 1.18. The company has a debt-to-equity ratio of 57.74, a quick ratio of 1.61 and a current ratio of 0.35.

Granite Real Estate Investment Trust Increases Dividend

The company also recently disclosed a monthly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 15th were paid a dividend of $0.2833 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $3.40 dividend on an annualized basis and a dividend yield of 4.91%. This is a positive change from Granite Real Estate Investment Trust’s previous monthly dividend of $0.28. Granite Real Estate Investment Trust’s dividend payout ratio (DPR) is currently 90.91%.

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.