Canadian Apartment Properties REIT (CAR.UN) Hits New 1-Year High at $49.90

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Canadian Apartment Properties REIT (TSE:CAR.UN) shares reached a new 52-week high on Wednesday . The company traded as high as C$49.90 and last traded at C$49.54, with a volume of 19874 shares changing hands. The stock had previously closed at C$49.63.

A number of research firms have recently weighed in on CAR.UN. National Bank Financial raised their target price on Canadian Apartment Properties REIT from C$51.00 to C$52.00 in a report on Thursday, May 16th. Raymond James restated an “outperform” rating and issued a C$52.00 target price on shares of Canadian Apartment Properties REIT in a report on Thursday, May 16th. Royal Bank of Canada raised their target price on Canadian Apartment Properties REIT from C$53.00 to C$54.00 and gave the company a “sector perform” rating in a report on Thursday, May 16th. CIBC raised their target price on Canadian Apartment Properties REIT from C$50.00 to C$52.00 in a report on Thursday, May 16th. Finally, TD Securities raised their target price on Canadian Apartment Properties REIT from C$52.00 to C$54.00 and gave the company a “buy” rating in a report on Thursday, February 28th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Canadian Apartment Properties REIT has a consensus rating of “Buy” and a consensus price target of C$51.56.

The firm has a market capitalization of $7.57 billion and a P/E ratio of 8.33. The company has a debt-to-equity ratio of 71.85, a current ratio of 0.15 and a quick ratio of 0.06.

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About Canadian Apartment Properties REIT (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 March 31, 2019, CAPREIT had owning interests in 53,143 residential units, comprised of 45,446 residential suites and 45 MHC, comprising 7,697 land lease sites.

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