BMO Capital Markets Upgrades RioCan Real Estate Investment Trust (TSE:REI.UN) to Outperform

RioCan Real Estate Investment Trust (TSE:REI.UN) was upgraded by research analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research report issued on Wednesday,BayStreet.CA reports. The firm currently has a C$20.50 price objective on the real estate investment trust’s stock, down from their previous price objective of C$21.00. BMO Capital Markets’ price objective indicates a potential upside of 13.76% from the company’s previous close.

Several other brokerages have also recently commented on REI.UN. Canaccord Genuity Group raised their target price on shares of RioCan Real Estate Investment Trust from C$20.00 to C$21.00 and gave the stock a “buy” rating in a report on Monday, September 16th. CIBC boosted their target price on shares of RioCan Real Estate Investment Trust from C$21.00 to C$22.00 in a research note on Wednesday, November 13th. TD Securities increased their target price on RioCan Real Estate Investment Trust from C$22.00 to C$23.00 in a report on Monday, September 30th. Finally, National Bankshares lifted their price target on RioCan Real Estate Investment Trust from C$20.00 to C$23.00 in a report on Wednesday, October 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of C$21.67.

RioCan Real Estate Investment Trust Stock Performance

Shares of REI.UN opened at C$18.02 on Wednesday. The company has a debt-to-equity ratio of 95.37, a current ratio of 0.30 and a quick ratio of 0.08. The firm’s 50 day moving average is C$19.01 and its 200-day moving average is C$18.44. RioCan Real Estate Investment Trust has a 12-month low of C$16.26 and a 12-month high of C$20.83. The stock has a market capitalization of C$5.41 billion, a P/E ratio of 90.10 and a beta of 1.31.

Insider Transactions at RioCan Real Estate Investment Trust

In other RioCan Real Estate Investment Trust news, Senior Officer Oliver Harrison sold 4,000 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of C$18.95, for a total value of C$75,804.00. Also, Senior Officer Jennifer Suess sold 2,104 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of C$19.02, for a total transaction of C$40,018.08. Insiders own 0.31% of the company’s stock.

RioCan Real Estate Investment Trust Company Profile

RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at December 31, 2023, our portfolio is comprised of 188 properties with an aggregate net leasable area of approximately 32.6 million square feet (at RioCan’s interest) including office, residential rental and 9 development properties.