Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Passes Below Two Hundred Day Moving Average – Here’s What Happened

Shares of Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) passed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$73.91 and traded as low as C$70.25. Granite Real Estate Investment Trust shares last traded at C$70.36, with a volume of 79,941 shares traded.

Wall Street Analyst Weigh In

GRT.UN has been the subject of several recent research reports. TD Securities boosted their target price on shares of Granite Real Estate Investment Trust from C$91.00 to C$93.00 in a research note on Friday, November 8th. BMO Capital Markets upped their target price on Granite Real Estate Investment Trust from C$86.00 to C$88.00 in a report on Monday, November 11th. Finally, National Bankshares increased their price target on Granite Real Estate Investment Trust from C$85.00 to C$93.50 in a research report on Wednesday, October 9th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of C$89.72.

Granite Real Estate Investment Trust Stock Performance

The firm’s fifty day simple moving average is C$73.33 and its 200 day simple moving average is C$73.88. The company has a market capitalization of C$4.39 billion, a price-to-earnings ratio of 19.26 and a beta of 1.18. The company has a debt-to-equity ratio of 57.74, a current ratio of 0.35 and a quick ratio of 1.61.

Granite Real Estate Investment Trust Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 15th will be given a $0.2833 dividend. This is an increase from Granite Real Estate Investment Trust’s previous monthly dividend of $0.28. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.40 dividend on an annualized basis and a yield of 4.86%. Granite Real Estate Investment Trust’s dividend payout ratio is presently 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.