Granite Real Estate Investment Trust (TSE:GRT.UN) Given Consensus Recommendation of “Buy” by Brokerages

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) has been given a consensus recommendation of “Buy” by the six brokerages that are covering the company, MarketBeat.com reports. Five investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is C$89.72.

GRT.UN has been the topic of several research analyst reports. BMO Capital Markets increased their price objective on shares of Granite Real Estate Investment Trust from C$86.00 to C$88.00 in a research report on Monday, November 11th. Raymond James raised their price objective on shares of Granite Real Estate Investment Trust from C$90.00 to C$92.00 in a research report on Friday, September 6th. TD Securities boosted their price objective on Granite Real Estate Investment Trust from C$91.00 to C$93.00 in a report on Friday, November 8th. Finally, National Bankshares increased their target price on Granite Real Estate Investment Trust from C$85.00 to C$93.50 in a research note on Wednesday, October 9th.

Granite Real Estate Investment Trust Stock Performance

Shares of GRT.UN stock opened at C$71.29 on Thursday. The company has a fifty day moving average price of C$74.90 and a two-hundred day moving average price of C$73.72. Granite Real Estate Investment Trust has a one year low of C$64.50 and a one year high of C$82.88. The stock has a market cap of C$4.47 billion, a P/E ratio of 19.64 and a beta of 1.18. 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 Announces Dividend

The company also recently declared a monthly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 16th were issued a dividend of $0.275 per share. This represents a $3.30 annualized dividend and a dividend yield of 4.63%. The ex-dividend date was Wednesday, November 27th. Granite Real Estate Investment Trust’s dividend payout ratio (DPR) is currently 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.