Granite Real Estate Investment Trust (TSE:GRT.UN) Hits New 1-Year High – Still a Buy?

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s share price hit a new 52-week high during trading on Friday . The company traded as high as C$98.10 and last traded at C$98.10, with a volume of 76050 shares changing hands. The stock had previously closed at C$95.44.

Wall Street Analyst Weigh In

GRT.UN has been the subject of a number of research analyst reports. Royal Bank Of Canada raised their target price on Granite Real Estate Investment Trust from C$90.00 to C$100.00 in a report on Friday, February 27th. BMO Capital Markets increased their price target on Granite Real Estate Investment Trust from C$87.00 to C$97.00 in a research report on Friday, February 27th. Canadian Imperial Bank of Commerce lifted their price target on shares of Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a research note on Friday, May 8th. TD Securities lifted their price target on shares of Granite Real Estate Investment Trust from C$94.00 to C$96.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Finally, Raymond James Financial lifted their price objective on shares of Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Granite Real Estate Investment Trust currently has a consensus rating of “Buy” and a consensus price target of C$99.64.

Granite Real Estate Investment Trust Stock Performance

The firm has a 50 day moving average of C$90.96 and a two-hundred day moving average of C$86.28. The stock has a market cap of C$5.89 billion, a PE ratio of 15.05 and a beta of 1.45. 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 (TSE:GRT.UN) (NASDAQ:GRP.U) last posted its earnings results on Wednesday, May 6th. The company reported C$1.51 earnings per share for the quarter. The firm had revenue of C$165.83 million during the quarter. Granite Real Estate Investment Trust had a return on equity of 4.28% and a net margin of 42.50%. Research analysts predict that Granite Real Estate Investment Trust will post 5.580574 EPS for the current fiscal year.

Granite Real Estate Investment Trust Dividend Announcement

The firm also recently announced a monthly dividend, which was paid on Wednesday, April 15th. Investors of record on Wednesday, April 15th were paid a dividend of $0.2958 per share. The ex-dividend date was Tuesday, March 31st. This represents a c) annualized dividend and a yield of 3.7%. Granite Real Estate Investment Trust’s payout ratio is presently 53.53%.

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 147 investment properties representing approximately 62.6 million square feet of leasable area.