Granite Real Estate Investment Trust (TSE:GRT.UN) Raises Dividend to $0.28 Per Share

Granite Real Estate Investment Trust (TSE:GRT.UN) (NASDAQ:GRP.U) declared a monthly dividend on Tuesday, December 31st,TickerTech Dividends reports. Stockholders of record on Wednesday, January 15th will be paid a dividend of 0.2833 per share on Wednesday, January 15th. This represents a $3.40 annualized dividend and a dividend yield of 4.87%. The ex-dividend date is Tuesday, December 31st. This is an increase from Granite Real Estate Investment Trust’s previous monthly dividend of $0.28.

Granite Real Estate Investment Trust Stock Performance

Shares of Granite Real Estate Investment Trust stock opened at C$69.76 on Thursday. The firm has a fifty day moving average of C$73.97 and a two-hundred day moving average of C$73.79. The company has a debt-to-equity ratio of 57.74, a quick ratio of 1.61 and a current ratio of 0.35. The stock has a market capitalization of C$4.38 billion, a price-to-earnings ratio of 19.22 and a beta of 1.18. Granite Real Estate Investment Trust has a 52 week low of C$64.50 and a 52 week high of C$82.88.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GRT.UN. BMO Capital Markets upped their price objective on Granite Real Estate Investment Trust from C$86.00 to C$88.00 in a report on Monday, November 11th. Raymond James upped their price target on Granite Real Estate Investment Trust from C$90.00 to C$92.00 in a research note on Friday, September 6th. TD Securities lifted their price objective on shares of Granite Real Estate Investment Trust from C$91.00 to C$93.00 in a research note on Friday, November 8th. Finally, National Bankshares upped their target price on shares of Granite Real Estate Investment Trust from C$85.00 to C$93.50 in a research note on Wednesday, October 9th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of C$89.72.

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.