Granite Real Estate Investment Trust (TSE:GRT.UN) Receives Consensus Recommendation of “Buy” from Brokerages

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) has been given a consensus recommendation of “Buy” by the eight research firms that are presently covering the stock, MarketBeat Ratings reports. Seven analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have covered the stock in the last year is C$89.28.

A number of analysts have recently issued reports on the stock. Raymond James lifted their price objective on shares of Granite Real Estate Investment Trust from C$90.00 to C$92.00 in a research note on Friday, September 6th. TD Securities lifted their price objective on shares of Granite Real Estate Investment Trust from C$87.00 to C$91.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. BMO Capital Markets lifted their price objective on shares of Granite Real Estate Investment Trust from C$84.00 to C$86.00 in a research note on Monday, October 28th. Finally, National Bankshares lifted their price objective on shares of Granite Real Estate Investment Trust from C$85.00 to C$93.50 in a research note on Wednesday, October 9th.

Granite Real Estate Investment Trust Stock Up 0.7 %

GRT.UN opened at C$75.27 on Wednesday. The firm has a 50 day moving average price of C$78.16 and a 200 day moving average price of C$72.89. The company has a market cap of C$4.72 billion, a PE ratio of 20.74 and a beta of 1.18. Granite Real Estate Investment Trust has a 1 year low of C$63.07 and a 1 year high of C$82.88. 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 Announces Dividend

The business also recently declared a monthly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 16th were given a dividend of $0.275 per share. This represents a $3.30 dividend on an annualized basis and a dividend yield of 4.38%. The ex-dividend date of this dividend was Friday, August 30th. Granite Real Estate Investment Trust’s payout ratio 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.