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) 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.

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

Allied Properties Real Estate Investment Trust Stock Down 3.1%

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

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.