Granite Real Estate Investment Trust (TSE:GRT.UN) Reaches New 1-Year Low - Here's What Happened

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

Analysts Set New Price Targets

Several research firms recently commented on GRT.UN. Scotiabank cut their target price on shares of Granite Real Estate Investment Trust from C$85.00 to C$75.00 and set an "outperform" rating for the company in a research note on Tuesday. Raymond James cut 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.

Granite Real Estate Investment Trust Trading Down 3.5 %

The firm has a market capitalization of C$3.61 billion, a price-to-earnings ratio of 15.83 and a beta of 1.18. The company has a fifty day moving average price of C$67.28 and a 200-day moving average price of C$71.94. 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 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 $0.2833 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.40 dividend on an annualized basis and a dividend yield of 5.92%. Granite Real Estate Investment Trust's dividend payout ratio is currently 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.