Cardinal Capital Management 13F: New $16M Stake in GRTUF

Cardinal Capital Management disclosed in a filing on October 16, 2026, that it has taken a new position in Granite Real Estate Investment Trust (GRTUF) by acquiring 272,809 shares valued at about $16.3 million. This marks the fund's entry into Granite REIT, which specializes in managing industrial properties in North America and Europe.

What Changed in Cardinal Capital Management's Granite REIT Position

The new buy of 272,809 shares reflects a brand-new position for Cardinal Capital, as it previously held zero shares in the company. This acquisition shows Cardinal's growing interest in the real estate investment sector, particularly in REITs focusing on industrial properties.

Other Institutional Activity in Granite REIT

Pacer Advisors, Inc. slightly trimmed its holdings in Granite REIT, reducing its shares by 111 to a total of 29,014 shares, which are now valued at approximately $1.76 million. Similarly, Unisuper Management Pty Ltd decreased its stake by 5,100 shares, ending with 7,300 shares worth about $442,234.

Granite Real Estate Investment Trust Stock Up 3.1%

Granite REIT's stock recently traded at $60.58, which is about 2.3% below its 50-day moving average of $61.99 and 6.7% below its 200-day average of $64.93. The shares are currently sitting 15.9% below the 52-week high of $72.03 but are 21.2% above the 52-week low of $50.00. This positioning might indicate potential for growth as the stock has room to recover toward its prior highs.

Recent Earnings

Granite REIT reported trailing twelve-month revenue of approximately $644.4 million and an EPS of $4.31. The company is scheduled to announce its next earnings on November 4, 2026. It has demonstrated a year-over-year revenue growth of 9.8% and a net margin of 56.6%, reflecting solid operational performance.

Dividend

Granite REIT offers a dividend of $2.50 per share, translating to a yield of 4.14%. The company's dividend payout ratio is 58.6%, indicating a sustainable dividend policy relative to its earnings.

Analysts Set New Price Targets

However, the company holds a PE ratio of about 14.1, suggesting that it trades at a reasonable valuation compared to its earnings potential.

About Granite Real Estate Investment Trust

Granite Real Estate Investment Trust, based in Toronto, Ontario, is a Canadian REIT focused on the ownership and management of logistics and industrial properties across North America and Europe. The company has a diverse portfolio of 145 investment properties totaling approximately 61.5 million square feet of leasable space.

Bottom Line

Investors should keep an eye on Granite REIT's upcoming earnings report on November 4, 2026, to gain insights into its financial health and performance trends. The recent acquisition by Cardinal Capital Management may reflect broader institutional interest in this REIT, though the filing only captures the fund's position as of the reporting date and may not represent its current holdings.