ATB Cormark Capital Markets Cuts Canadian Apartment Properties REIT (TSE:CAR.UN) Price Target to C$43.00

Canadian Apartment Properties REIT (TSE:CAR.UN) had its price objective trimmed by ATB Cormark Capital Markets from C$48.00 to C$43.00 in a report published on Tuesday morning,BayStreet.CA reports. The firm currently has an outperform rating on the stock.

Several other brokerages also recently commented on CAR.UN. Canadian Imperial Bank of Commerce lowered their price objective on Canadian Apartment Properties REIT from C$45.00 to C$40.00 in a research report on Monday. TD cut their target price on Canadian Apartment Properties REIT from C$46.00 to C$45.00 and set a “buy” rating for the company in a research report on Monday, May 11th. Five analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of C$45.31.

Canadian Apartment Properties REIT Stock Performance

Shares of TSE CAR.UN opened at C$33.83 on Tuesday. The stock has a market cap of C$5.16 billion, a PE ratio of -38.95, a price-to-earnings-growth ratio of -10.12 and a beta of 0.81. Canadian Apartment Properties REIT has a 1 year low of C$33.15 and a 1 year high of C$43.27. The firm has a fifty day moving average price of C$34.97 and a 200-day moving average price of C$35.94. The company has a debt-to-equity ratio of 76.05, a current ratio of 0.36 and a quick ratio of 0.16.

Canadian Apartment Properties REIT (TSE:CAR.UN) last released its earnings results on Thursday, August 6th. The company reported C($0.42) earnings per share for the quarter. Canadian Apartment Properties REIT had a negative net margin of 4.95% and a negative return on equity of 1.08%. The firm had revenue of C$246.41 million for the quarter.

About Canadian Apartment Properties REIT

Canadian Apartment Properties Real Estate Investment Trust, or CAPREIT, is a real estate investment trust primarily engaged in the acquisition and leasing of multiunit residential rental properties located near major urban centers across Canada. The company’s real estate portfolio is mainly composed of apartments and townhouses situated near public amenities. Most of CAPREIT’s holdings are aimed towards the midtier and luxury markets in terms of demographic segments. The company derives nearly all of its income in the form of rental revenue from leasing its properties to tenants.