Granite Real Estate Investment Trust (TSE:GRT.UN) Sets New 1-Year High – Here’s What Happened

Shares of Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) hit a new 52-week high on Wednesday . The stock traded as high as C$99.55 and last traded at C$99.31, with a volume of 122085 shares traded. The stock had previously closed at C$97.20.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Scotia raised their price target on shares of Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the stock a “sector outperform” rating in a research note on Friday, May 8th. Canaccord Genuity Group increased their price target on Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the company a “buy” rating in a report on Friday, May 8th. Raymond James Financial raised their target price on Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the stock an “outperform” rating in a research note on Friday, May 8th. Canadian Imperial Bank of Commerce lifted their price target on Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a report on Friday, May 8th. Finally, National Bank Financial boosted their price target on shares of Granite Real Estate Investment Trust from C$102.50 to C$110.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. Eight investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of C$99.64.

Granite Real Estate Investment Trust Stock Up 2.2%

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 firm has a 50 day moving average price of C$94.32 and a 200-day moving average price of C$89.23. The firm has a market cap of C$6.03 billion, a price-to-earnings ratio of 15.41 and a beta of 1.47.

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 net margin of 42.50% and a return on equity of 4.28%. On average, equities analysts forecast that Granite Real Estate Investment Trust will post 5.580574 EPS for the current year.

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.