Granite Real Estate Investment Trust (TSE:GRT.UN) Hits New 52-Week Low After Analyst Downgrade

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s share price hit a new 52-week low during mid-day trading on Wednesday after Scotiabank lowered their price target on the stock from C$85.00 to C$75.00. Scotiabank currently has an outperform rating on the stock. Granite Real Estate Investment Trust traded as low as C$55.25 and last traded at C$56.36, with a volume of 31047 shares changing hands. The stock had previously closed at C$57.46.

Separately, Raymond James dropped their price target on Granite Real Estate Investment Trust from C$93.00 to C$88.00 in a research note on Friday, February 28th.

Granite Real Estate Investment Trust Price Performance

The firm has a market capitalization of C$3.78 billion, a P/E ratio of 16.61 and a beta of 1.18. The company has a fifty day moving average of C$66.87 and a 200 day moving average of C$71.78. 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 Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Tuesday, April 15th will be given a dividend of $0.2833 per share. This represents a $3.40 annualized dividend and a dividend yield of 5.64%. The ex-dividend date is Monday, March 31st. Granite Real Estate Investment Trust’s dividend payout ratio (DPR) is presently 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.