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

Allied Properties Real Estate Investment Trust (TSE:AP.UN)’s stock price 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 were traded during 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 brokerages have also issued reports on AP.UN. 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 report on Friday. Royal Bank Of Canada reduced their price objective on Allied Properties Real Estate Investment Trust from C$18.00 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 raised their price objective for the stock from C$16.00 to C$17.00 in a research note on Wednesday, October 8th. TD Securities cut Allied Properties Real Estate Investment Trust from a “buy” rating to a “hold” rating and reduced their price objective for the stock from C$20.00 to C$16.00 in a research note on Friday. Finally, Canaccord Genuity Group reduced their price objective 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. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Allied Properties Real Estate Investment Trust currently has an average rating of “Reduce” and a consensus price target of C$16.72.

Allied Properties Real Estate Investment Trust Stock Performance

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

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.