Allied Properties Real Estate Investment Trust (TSE:AP.UN) Shares Down 17.2% After Analyst Downgrade

Allied Properties Real Estate Investment Trust (TSE:AP.UN) shares fell 17.2% during mid-day trading on Friday after Desjardins lowered their price target on the stock from C$18.00 to C$15.50. Desjardins currently has a sell rating on the stock. Allied Properties Real Estate Investment Trust traded as low as C$15.11 and last traded at C$15.26. 5,780,953 shares traded hands during mid-day trading, an increase of 808% from the average session volume of 636,667 shares. The stock had previously closed at C$18.42.

A number of other analysts have also issued reports on the company. National Bankshares lowered Allied Properties Real Estate Investment Trust from a “sector perform” rating to an “underperform” rating and raised their target price for the company from C$16.00 to C$17.00 in a report on Wednesday, October 8th. Raymond James Financial lowered their target price on Allied Properties Real Estate Investment Trust from C$18.75 to C$14.75 in a report on Friday. TD Securities lowered Allied Properties Real Estate Investment Trust from a “buy” rating to a “hold” rating and decreased their price objective for the stock from C$20.00 to C$16.00 in a report on Friday. Canaccord Genuity Group decreased their price objective on Allied Properties Real Estate Investment Trust from C$22.00 to C$18.00 and set a “buy” rating on the stock in a report on Friday. Finally, Royal Bank Of Canada decreased their price objective on Allied Properties Real Estate Investment Trust from C$18.00 to C$16.00 in a report on Friday. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of C$16.72.

Allied Properties Real Estate Investment Trust Trading Down 3.1%

The company has a 50 day moving average of C$19.48 and a 200 day moving average of C$17.62. The company has a current ratio of 0.45, a quick ratio of 0.12 and a debt-to-equity ratio of 71.71. The firm has a market cap of C$2.07 billion, a price-to-earnings ratio of -3.60 and a beta of 1.50.

About Allied Properties Real Estate Investment Trust

Allied Properties Real Estate Investment Trust is a real estate investment trust engaged in the development, management, and ownership of primarily urban office environments across Canada’s major cities. Most of the total square footage in the company’s real estate portfolio is located in Toronto and Montreal.