Canaccord Genuity downgraded shares of Canadian Apartment Properties REIT (TSE:CAR.UN) from a buy rating to a hold rating in a research note released on Wednesday, September 4th, AnalystRatings.com reports. The brokerage currently has C$55.50 price target on the stock, up from their prior price target of C$53.00.
A number of other equities research analysts have also recently commented on the stock. National Bank Financial upgraded shares of Canadian Apartment Properties REIT from a sector perform rating to an outperform rating and increased their price target for the company from C$52.00 to C$57.00 in a report on Thursday, August 15th. TD Securities increased their price target on shares of Canadian Apartment Properties REIT from C$57.00 to C$58.00 and gave the company a buy rating in a report on Thursday, August 15th. BMO Capital Markets increased their price target on shares of Canadian Apartment Properties REIT from C$55.00 to C$57.00 in a report on Monday, August 19th. Raymond James restated an outperform rating and set a C$52.00 price objective on shares of Canadian Apartment Properties REIT in a research report on Thursday, August 15th. Finally, CIBC increased their price objective on shares of Canadian Apartment Properties REIT from C$52.00 to C$53.00 in a research report on Thursday, August 15th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of C$55.36.
CAR.UN traded up C$0.53 during midday trading on Wednesday, reaching C$54.61. The company’s stock had a trading volume of 955,190 shares, compared to its average volume of 310,604. The stock’s 50-day moving average is C$52.31 and its 200-day moving average is C$50.15. Canadian Apartment Properties REIT has a 1 year low of C$43.03 and a 1 year high of C$54.65. The company has a current ratio of 0.14, a quick ratio of 0.07 and a debt-to-equity ratio of 60.98. The firm has a market capitalization of $8.73 billion and a price-to-earnings ratio of 6.70.
About Canadian Apartment Properties REIT
CAPREIT owns interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities (MHC) primarily located in and near major urban centres across Canada. As at March 31, 2019, CAPREIT had owning interests in 53,143 residential units, comprised of 45,446 residential suites and 45 MHC, comprising 7,697 land lease sites.
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