Granite Real Estate Investment Trust (TSE:GRT.UN) Sets New 12-Month Low on Analyst Downgrade

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) shares reached a new 52-week low during mid-day trading on Wednesday after Scotiabank lowered their price target on the stock from C$85.00 to C$75.00. Scotiabank currently has an outperform rating on the stock. Granite Real Estate Investment Trust traded as low as C$55.25 and last traded at C$56.36, with a volume of 31047 shares trading hands. The stock had previously closed at C$57.46.

Separately, Raymond James reduced their price objective on shares of Granite Real Estate Investment Trust from C$93.00 to C$88.00 in a research report on Friday, February 28th.

Granite Real Estate Investment Trust Stock Performance

The company has a market capitalization of C$3.67 billion, a P/E ratio of 16.13 and a beta of 1.18. The company’s 50 day moving average is C$66.71 and its 200-day moving average is C$71.62. 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 Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th will be paid a dividend of $0.2833 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 5.81%. The ex-dividend date of this dividend is Monday, March 31st. Granite Real Estate Investment Trust’s dividend payout ratio is 90.91%.

Granite Real Estate Investment Trust Company Profile

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.