Granite Real Estate Investment Trust (TSE:GRT.UN) Price Target Lowered to C$88.00 at TD Securities

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) had its price target cut by TD Securities from C$90.00 to C$88.00 in a research note released on Wednesday morning, BayStreet.CA reports.

A number of other analysts have also commented on the company. Raymond James boosted their price target on Granite Real Estate Investment Trust from C$90.00 to C$91.00 and gave the company a strong-buy rating in a report on Monday, January 8th. BMO Capital Markets upped their target price on Granite Real Estate Investment Trust from C$81.00 to C$84.00 in a report on Monday, March 4th. Laurentian upped their target price on Granite Real Estate Investment Trust from C$80.00 to C$90.00 and gave the stock a buy rating in a report on Monday, January 22nd. National Bankshares upped their target price on Granite Real Estate Investment Trust from C$83.00 to C$87.00 and gave the stock an outperform rating in a report on Monday, January 29th. Finally, Desjardins upped their target price on Granite Real Estate Investment Trust from C$84.00 to C$87.00 and gave the stock a buy rating in a report on Friday, March 1st. Seven investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Buy and a consensus price target of C$87.33.

Granite Real Estate Investment Trust Stock Performance

Shares of Granite Real Estate Investment Trust stock opened at C$69.47 on Wednesday. The firm has a market cap of C$4.40 billion, a price-to-earnings ratio of 32.16 and a beta of 1.14. The stock’s 50-day moving average is C$74.00 and its 200-day moving average is C$72.89. Granite Real Estate Investment Trust has a one year low of C$62.72 and a one year high of C$85.00. The company has a debt-to-equity ratio of 58.81, a current ratio of 0.40 and a quick ratio of 1.61.

Granite Real Estate Investment Trust Announces Dividend

The firm also recently disclosed a monthly dividend, which was paid on Monday, April 15th. Shareholders of record on Monday, April 15th were paid a $0.275 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $3.30 annualized dividend and a yield of 4.75%. Granite Real Estate Investment Trust’s dividend payout ratio is 152.78%.

About Granite Real Estate Investment Trust

Granite is a Canadian based REIT engaged in the acquisition, development, ownership and management of industrial, warehouse and logistics properties in North America and Europe. Granite owns over 85 investment properties representing approximately 34 million square feet of leasable area.