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

Allied Properties Real Estate Investment Trust (TSE:AP.UN)’s share price fell 17.2% during 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.

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

Allied Properties Real Estate Investment Trust Price Performance

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

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.