RioCan Real Estate Investment Trust (TSE:REI.UN) Sets New 52-Week High – Here’s Why

RioCan Real Estate Investment Trust (TSE:REI.UN) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as C$22.53 and last traded at C$22.53, with a volume of 275427 shares traded. The stock had previously closed at C$22.11.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on REI.UN. Royal Bank Of Canada raised their price objective on RioCan Real Estate Investment Trust from C$22.00 to C$24.00 and gave the stock an “outperform” rating in a research note on Friday, May 8th. Desjardins raised their target price on RioCan Real Estate Investment Trust from C$22.00 to C$24.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. TD raised their target price on RioCan Real Estate Investment Trust from C$23.00 to C$24.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. National Bank Financial raised their target price on RioCan Real Estate Investment Trust from C$24.00 to C$24.25 and gave the company an “outperform” rating in a research note on Wednesday, May 6th. Finally, BMO Capital Markets raised their target price on RioCan Real Estate Investment Trust from C$21.00 to C$23.50 and gave the company an “outperform” rating in a research note on Wednesday, May 6th. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of C$23.68.

RioCan Real Estate Investment Trust Price Performance

The company has a quick ratio of 0.08, a current ratio of 0.30 and a debt-to-equity ratio of 95.37. The company has a market capitalization of C$6.56 billion, a P/E ratio of 27.17 and a beta of 0.94. The business has a 50 day simple moving average of C$20.98 and a 200-day simple moving average of C$19.82.

RioCan Real Estate Investment Trust (TSE:REI.UN) last issued its quarterly earnings results on Monday, May 4th. The real estate investment trust reported C$0.32 EPS for the quarter. The company had revenue of C$322.31 million for the quarter. RioCan Real Estate Investment Trust had a return on equity of 0.78% and a net margin of 4.86%.

RioCan Real Estate Investment Trust Company Profile

Riocan Real Estate Investment Trust is a Canadian real estate investment trust which owns, develops, and operates Canada’s portfolio of retail-focused, increasingly mixed-use properties. The REIT’s property portfolio includes shopping centers and mixed-use developments, with most of its properties located in Ontario, Canada. Riocan’s tenants consist of grocery stores, supermarkets, restaurants, cinemas, pharmacies, and corporates. By geography, the company operates in Canada, which generates the majority of total revenue, and in the United States.