True North Commercial REIT (TSE:TNT.UN) Stock Bumped Down to "Hold" by Canaccord Genuity Group

Key Points

• Canaccord Genuity Group downgraded True North Commercial REIT from “Buy” to “Hold” and set a C$7.50 price target, implying approximately 0.66% downside from the previous close.
• Shares fell C$0.06 to C$7.55, near the company’s 52-week low of C$7.39 and below its 50-day and 200-day moving averages.
• The REIT reported a quarterly loss of C$0.23 per share on C$27.85 million in revenue, alongside a negative net margin and high debt-to-equity ratio of 175.73.

True North Commercial REIT (TSE:TNT.UN - Get Free Report) was downgraded by equities researchers at Canaccord Genuity Group from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Monday, BayStreet reports. They currently have a C$7.50 price objective on the stock. Canaccord Genuity Group's price objective points to a potential downside of 0.66% from the company's previous close.

True North Commercial REIT Price Performance

Shares of True North Commercial REIT stock traded down C$0.06 on Monday, hitting C$7.55. The company's stock had a trading volume of 18,650 shares, compared to its average volume of 17,567. True North Commercial REIT has a 52-week low of C$7.39 and a 52-week high of C$9.41. The company has a quick ratio of 0.06, a current ratio of 0.14 and a debt-to-equity ratio of 175.73. The firm has a fifty day moving average price of C$8.09 and a 200-day moving average price of C$8.33. The company has a market capitalization of C$106.21 million, a P/E ratio of -4.48 and a beta of 0.83.

True North Commercial REIT (TSE:TNT.UN - Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported C($0.23) earnings per share for the quarter. The business had revenue of C$27.85 million for the quarter. True North Commercial REIT had a negative net margin of 38.96% and a negative return on equity of 10.66%.

About True North Commercial REIT

The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT currently owns and operates a portfolio of 37 properties consisting of approximately 4.4 million square feet in urban and select strategic secondary markets across Canada. The REIT is focused on growing its portfolio principally through acquisitions across Canada and such other jurisdictions where opportunities exist.

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