Summit Industrial Income REIT (TSE:SMU.UN) Sets New 12-Month High at $14.70


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Shares of Summit Industrial Income REIT (TSE:SMU.UN) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as C$14.70 and last traded at C$14.65, with a volume of 34520 shares trading hands. The stock had previously closed at C$14.36.

A number of research firms have issued reports on SMU.UN. Raymond James began coverage on shares of Summit Industrial Income REIT in a research report on Wednesday, March 24th. They issued an “outperform” rating and a C$15.75 price objective on the stock. Canaccord Genuity restated a “hold” rating and issued a C$13.50 price objective on shares of Summit Industrial Income REIT in a research report on Thursday, February 25th. Royal Bank of Canada boosted their price objective on shares of Summit Industrial Income REIT to C$15.50 and gave the company a “sector perform” rating in a research report on Thursday, February 25th. BMO Capital Markets reaffirmed a “na” rating and set a C$15.00 target price on shares of Summit Industrial Income REIT in a research note on Thursday, February 25th. Finally, National Bank Financial lifted their target price on shares of Summit Industrial Income REIT to C$16.00 and gave the company an “outperform” rating in a research note on Thursday, February 25th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of C$15.13.

The company has a debt-to-equity ratio of 64.00, a current ratio of 1.87 and a quick ratio of 1.18. The firm’s 50 day moving average is C$14.13 and its 200 day moving average is C$13.50. The firm has a market cap of C$2.45 billion and a P/E ratio of 10.24.

The company also recently announced a monthly dividend, which was paid on Monday, March 15th. Stockholders of record on Monday, March 15th were paid a $0.045 dividend. The ex-dividend date was Thursday, February 25th. This represents a $0.54 annualized dividend and a dividend yield of 3.70%. Summit Industrial Income REIT’s dividend payout ratio is presently 37.97%.

About Summit Industrial Income REIT (TSE:SMU.UN)

Summit Industrial Income REIT is an unincorporated open-end trust focused on growing and managing a portfolio of light industrial and other properties across Canada. Summit II's units are listed on the TSX and trade under the symbol SMU.UN.

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