Granite Real Estate Investment Trust (TSE:GRT.UN) Reaches New 52-Week High – What’s Next?

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as C$98.89 and last traded at C$98.67, with a volume of 49434 shares changing hands. The stock had previously closed at C$95.80.

Analysts Set New Price Targets

A number of equities analysts have recently commented on GRT.UN shares. Canaccord Genuity Group raised their price objective on shares of Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Canadian Imperial Bank of Commerce upped their target price on shares of Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a research note on Friday, May 8th. Raymond James Financial increased their price target 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. National Bank Financial raised their price target on shares of Granite Real Estate Investment Trust from C$102.50 to C$110.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Finally, TD lifted their price objective on Granite Real Estate Investment Trust from C$96.00 to C$101.00 and gave the company a “buy” rating in a report on Friday, May 8th. Eight analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Granite Real Estate Investment Trust presently has a consensus rating of “Buy” and an average price target of C$99.64.

Granite Real Estate Investment Trust Stock Up 2.7%

The company has a debt-to-equity ratio of 57.74, a current ratio of 0.35 and a quick ratio of 1.61. The firm has a 50 day simple moving average of C$93.79 and a 200-day simple moving average of C$88.69. The stock has a market capitalization of C$5.97 billion, a price-to-earnings ratio of 15.27 and a beta of 1.45.

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) last issued its earnings results on Wednesday, May 6th. The company reported C$1.51 EPS for the quarter. Granite Real Estate Investment Trust had a net margin of 42.50% and a return on equity of 4.28%. The company had revenue of C$165.83 million for the quarter. On average, sell-side analysts forecast that Granite Real Estate Investment Trust will post 5.580574 EPS for the current fiscal 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.