Granite Real Estate Investment Trust (TSE:GRT.UN) Share Price Passes Below 200 Day Moving Average – Here’s What Happened

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s share price passed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$73.92 and traded as low as C$68.96. Granite Real Estate Investment Trust shares last traded at C$69.18, with a volume of 86,893 shares changing hands.

Analysts Set New Price Targets

A number of analysts recently commented on GRT.UN shares. TD Securities upped their price objective on Granite Real Estate Investment Trust from C$91.00 to C$93.00 in a research report on Friday, November 8th. 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. Finally, BMO Capital Markets boosted 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 research analysts have rated the stock with a buy rating, According to MarketBeat, Granite Real Estate Investment Trust presently has an average rating of “Buy” and an average price target of C$89.72.

Granite Real Estate Investment Trust Trading Up 0.8 %

The firm has a market cap of C$4.34 billion, a P/E ratio of 19.06 and a beta of 1.18. The stock has a 50 day simple moving average of C$72.65 and a 200-day simple moving average of C$73.92. The company has a current ratio of 0.35, a quick ratio of 1.61 and a debt-to-equity ratio of 57.74.

Granite Real Estate Investment Trust Increases Dividend

The firm also recently declared a monthly dividend, which was paid on Wednesday, January 15th. Investors of record on Wednesday, January 15th were issued a $0.2833 dividend. This is an increase from Granite Real Estate Investment Trust’s previous monthly dividend of $0.28. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $3.40 dividend on an annualized basis and a dividend yield of 4.91%. Granite Real Estate Investment Trust’s dividend payout ratio (DPR) is presently 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.