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 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 trading hands.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on GRT.UN shares. National Bankshares increased 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. BMO Capital Markets increased their price target on shares of Granite Real Estate Investment Trust from C$86.00 to C$88.00 in a research report on Monday, November 11th. Finally, TD Securities raised their target price on shares of Granite Real Estate Investment Trust from C$91.00 to C$93.00 in a report on Friday, November 8th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of C$89.72.

Granite Real Estate Investment Trust Stock Performance

The stock’s 50-day moving average price is C$73.47 and its 200-day moving average price is C$73.91. The company has a market cap of C$4.41 billion, a P/E ratio of 19.38 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 declared a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Wednesday, January 15th will be paid a $0.2833 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 4.83%. The ex-dividend date is Tuesday, December 31st. This is an increase from Granite Real Estate Investment Trust’s previous monthly dividend of $0.28. Granite Real Estate Investment Trust’s payout ratio is 90.91%.

Granite Real Estate Investment Trust Company Profile

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.