Granite Real Estate Investment Trust (TSE:GRT.UN) Share Price Crosses Below 200-Day Moving Average of $72.58

Shares of Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$72.58 and traded as low as C$67.44. Granite Real Estate Investment Trust shares last traded at C$67.99, with a volume of 16,200 shares trading hands.

Analyst Upgrades and Downgrades

GRT.UN has been the topic of several analyst reports. Canaccord Genuity Group dropped their target price on Granite Real Estate Investment Trust from C$96.50 to C$90.00 in a report on Friday, May 10th. CIBC lifted their price objective on shares of Granite Real Estate Investment Trust from C$84.00 to C$85.00 in a research note on Friday, May 10th. National Bankshares reduced their target price on shares of Granite Real Estate Investment Trust from C$87.00 to C$85.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 24th. Finally, TD Securities dropped their price target on shares of Granite Real Estate Investment Trust from C$90.00 to C$88.00 in a research note on Wednesday, April 24th. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of C$87.70.

Granite Real Estate Investment Trust Stock Down 0.1 %

The stock has a market capitalization of C$4.28 billion, a P/E ratio of 19.94 and a beta of 1.16. The company has a current ratio of 0.45, a quick ratio of 1.61 and a debt-to-equity ratio of 58.04. The stock’s 50 day simple moving average is C$68.40 and its 200 day simple moving average is C$72.58.

Granite Real Estate Investment Trust Announces Dividend

The business also recently announced a monthly dividend, which was paid on Friday, June 14th. Investors of record on Friday, June 14th were issued a $0.275 dividend. This represents a $3.30 dividend on an annualized basis and a dividend yield of 4.85%. The ex-dividend date of this dividend was Friday, May 31st. Granite Real Estate Investment Trust’s payout ratio is 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.