Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Crosses Below 200-Day Moving Average of $72.89

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s share price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$72.89 and traded as low as C$66.31. Granite Real Estate Investment Trust shares last traded at C$66.52, with a volume of 48,947 shares trading hands.

Analyst Ratings Changes

Several research firms have weighed in on GRT.UN. TD Securities dropped their price target on Granite Real Estate Investment Trust from C$90.00 to C$88.00 in a research note on Wednesday, April 24th. National Bankshares dropped their price target on Granite Real Estate Investment Trust from C$87.00 to C$85.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 24th. Desjardins upped their target price on Granite Real Estate Investment Trust from C$84.00 to C$87.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Canaccord Genuity Group lowered their target price on Granite Real Estate Investment Trust from C$96.50 to C$90.00 in a research note on Friday, May 10th. Finally, CIBC upped their target price on Granite Real Estate Investment Trust from C$84.00 to C$85.00 in a research note on Friday, May 10th. Seven research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of C$87.70.

Granite Real Estate Investment Trust Stock Performance

The company has a debt-to-equity ratio of 58.04, a current ratio of 0.45 and a quick ratio of 1.61. The stock has a market cap of C$4.27 billion, a price-to-earnings ratio of 19.88 and a beta of 1.16. The firm has a fifty day moving average of C$68.50 and a 200 day moving average of C$72.82.

Granite Real Estate Investment Trust Announces Dividend

The business also recently declared a monthly dividend, which was paid on Friday, June 14th. Investors of record on Friday, June 14th were issued a $0.275 dividend. The ex-dividend date of this dividend was Friday, May 31st. This represents a $3.30 annualized dividend and a dividend yield of 4.87%. Granite Real Estate Investment Trust’s dividend payout ratio is presently 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.