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

Allied Properties Real Estate Investment Trust (TSE:AP.UN) traded 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. 5,780,953 shares changed 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.

Several other research firms have also recently commented on AP.UN. National Bankshares cut Allied Properties Real Estate Investment Trust from a “sector perform” rating to an “underperform” rating and boosted their target price for the company from C$16.00 to C$17.00 in a research note on Wednesday, October 8th. Raymond James Financial cut 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 cut their target price for the company from C$20.00 to C$16.00 in a research note on Friday. Canaccord Genuity Group lowered their price target 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 report on Friday. Finally, Royal Bank Of Canada lowered their price target on Allied Properties Real Estate Investment Trust from C$18.00 to C$16.00 in a research report on Friday. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of C$16.72.

Allied Properties Real Estate Investment Trust Stock Down 3.1%

The company has a debt-to-equity ratio of 71.71, a current ratio of 0.45 and a quick ratio of 0.12. The firm has a market capitalization of C$2.07 billion, a P/E ratio of -3.60 and a beta of 1.50. The firm’s 50 day moving average is C$19.48 and its two-hundred day moving average is C$17.62.

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.