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

Allied Properties Real Estate Investment Trust (TSE:AP.UN) shares were down 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. Approximately 5,780,953 shares changed hands during mid-day trading, an increase of 808% from the average daily volume of 636,667 shares. The stock had previously closed at C$18.42.

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

Allied Properties Real Estate Investment Trust Trading Down 3.1%

The firm’s 50-day simple moving average is C$19.48 and its 200-day simple moving average is C$17.62. The company has a quick ratio of 0.12, a current ratio of 0.45 and a debt-to-equity ratio of 71.71. The firm has a market capitalization of C$2.07 billion, a PE 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.