Granite Real Estate Investment Trust (TSE:GRT.UN) Hits New 1-Year High – Time to Buy?

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U)’s stock price hit a new 52-week high during trading on Friday . The stock traded as high as C$99.70 and last traded at C$99.68, with a volume of 2255 shares changing hands. The stock had previously closed at C$99.11.

Analysts Set New Price Targets

A number of analysts have recently weighed in on GRT.UN shares. Canadian Imperial Bank of Commerce upped their price target on shares of Granite Real Estate Investment Trust from C$98.00 to C$105.00 in a report on Friday, May 8th. Raymond James Financial lifted their price objective on shares of Granite Real Estate Investment Trust from C$101.00 to C$103.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Scotia boosted their price objective on shares of Granite Real Estate Investment Trust from C$100.00 to C$105.00 and gave the company a “sector outperform” rating in a research report on Friday, May 8th. TD upped their target price on Granite Real Estate Investment Trust from C$96.00 to C$101.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Finally, National Bank Financial raised their target price on Granite Real Estate Investment Trust from C$102.50 to C$110.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Eight equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of C$99.64.

Granite Real Estate Investment Trust Stock Up 0.5%

The firm’s fifty day moving average is C$95.28 and its 200-day moving average is C$90.11. The company has a market capitalization of C$6.05 billion, a P/E ratio of 15.46 and a beta of 1.47. The company has a debt-to-equity ratio of 57.74, a quick ratio of 1.61 and a current ratio of 0.35.

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) last issued its quarterly earnings data 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 business had revenue of C$165.83 million during the quarter. As a group, equities research analysts predict that Granite Real Estate Investment Trust will post 5.580574 EPS for the current year.

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 147 investment properties representing approximately 62.6 million square feet of leasable area.