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

RioCan Real Estate Investment Trust (TSE:REI.UN) shares reached a new 52-week high on Thursday . The company traded as high as C$22.25 and last traded at C$22.15, with a volume of 370964 shares changing hands. The stock had previously closed at C$21.97.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Desjardins increased their price target 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. Raymond James Financial increased their price target on RioCan Real Estate Investment Trust from C$23.25 to C$23.75 and gave the company an “outperform” rating in a research note on Wednesday, May 6th. Royal Bank Of Canada increased their price target on RioCan Real Estate Investment Trust from C$22.00 to C$24.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. BMO Capital Markets increased their price target 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. Finally, Scotia increased their price target on RioCan Real Estate Investment Trust from C$20.50 to C$22.25 and gave the company a “sector perform” rating in a research note on Wednesday, May 6th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of C$23.68.

RioCan Real Estate Investment Trust Trading Up 0.8%

The firm’s 50-day simple moving average is C$20.63 and its 200 day simple moving average is C$19.68. The firm has a market capitalization of C$6.45 billion, a price-to-earnings ratio of 26.69 and a beta of 0.87. The company has a debt-to-equity ratio of 95.37, a current ratio of 0.30 and a quick ratio of 0.08.

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 earnings per share (EPS) for the quarter. RioCan Real Estate Investment Trust had a return on equity of 0.78% and a net margin of 4.86%.The company had revenue of C$322.31 million for the quarter.

About RioCan Real Estate Investment Trust

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.