Granite Real Estate Investment Trust (TSE:GRT.UN) Stock Passes Below 200-Day Moving Average – Here’s Why

Shares of Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) crossed 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 changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. National Bankshares increased 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. TD Securities increased their price objective on shares of Granite Real Estate Investment Trust from C$91.00 to C$93.00 in a research note on Friday, November 8th. Finally, BMO Capital Markets increased their target price on shares of Granite Real Estate Investment Trust from C$86.00 to C$88.00 in a research report on Monday, November 11th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of C$89.72.

Granite Real Estate Investment Trust Trading Down 0.3 %

The business’s fifty day simple moving average is C$73.47 and its 200 day simple moving average is C$73.91. The company has a current ratio of 0.35, a quick ratio of 1.61 and a debt-to-equity ratio of 57.74. The stock has a market cap of C$4.41 billion, a P/E ratio of 19.38 and a beta of 1.18.

Granite Real Estate Investment Trust Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Wednesday, January 15th will be issued a dividend of $0.2833 per share. 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 4.83%. This is a positive change from Granite Real Estate Investment Trust’s previous monthly dividend of $0.28. Granite Real Estate Investment Trust’s dividend payout ratio is currently 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.