Granite Real Estate Investment Trust (TSE:GRT.UN) Sets New 12-Month Low – Here’s Why

Shares of Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as C$64.50 and last traded at C$64.95, with a volume of 102699 shares. The stock had previously closed at C$66.62.

Analyst Upgrades and Downgrades

GRT.UN has been the subject of a number of recent analyst reports. Raymond James lowered their price objective on Granite Real Estate Investment Trust from C$93.00 to C$88.00 in a research report on Friday, February 28th. Scotiabank dropped their price target on Granite Real Estate Investment Trust from C$87.00 to C$85.00 in a research note on Friday, February 28th.

Granite Real Estate Investment Trust Price Performance

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’s fifty day moving average price is C$67.95 and its 200 day moving average price is C$72.46. The firm has a market capitalization of C$3.88 billion, a PE ratio of 17.04 and a beta of 1.18.

Granite Real Estate Investment Trust Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 15th will be given a dividend of $0.2833 per share. This represents a $3.40 annualized dividend and a yield of 5.49%. The ex-dividend date of this dividend is Monday, March 31st. Granite Real Estate Investment Trust’s dividend payout ratio 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.