Canadian Apartment Properties REIT (CAR.UN) Sets New 12-Month High Following Analyst Upgrade

Shares of Canadian Apartment Properties REIT (TSE:CAR.UN) hit a new 52-week high during trading on Thursday after CIBC raised their price target on the stock from C$50.00 to C$52.00. The stock traded as high as C$49.49 and last traded at C$49.42, with a volume of 264373 shares traded. The stock had previously closed at C$49.12.

Other analysts also recently issued research reports about the stock. National Bank Financial raised their price objective on shares of Canadian Apartment Properties REIT from C$51.00 to C$52.00 in a research report on Thursday. TD Securities raised their price objective on shares of Canadian Apartment Properties REIT from C$52.00 to C$54.00 and gave the stock a “buy” rating in a research report on Thursday, February 28th. Raymond James reaffirmed an “outperform” rating and set a C$52.00 price objective on shares of Canadian Apartment Properties REIT in a research report on Thursday, February 28th. Finally, Royal Bank of Canada raised their price objective on shares of Canadian Apartment Properties REIT from C$53.00 to C$54.00 and gave the stock a “sector perform” rating in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of C$51.56.

The company has a current ratio of 0.15, a quick ratio of 0.06 and a debt-to-equity ratio of 71.85. The stock has a market cap of $7.45 billion and a PE ratio of 8.20.

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Canadian Apartment Properties REIT Company Profile (TSE:CAR.UN)

CAPREIT owns interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities (“MHC”) primarily located in and near major urban centres across Canada. As at December 31, 2018, CAPREIT had owning interests in 51,528 residential units, comprised of 44,935 residential suites and 32 MHC comprising 6,593 land lease sites.

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