Mainstreet Equity (TSE:MEQ) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Mainstreet Equity Corp. (TSE:MEQ) shares recently crossed above their 200-day moving average at C$191.17, reaching a high of C$196.89 during trading, with the last price recorded at C$192.96.
• Analysts have upgraded Mainstreet Equity's stock rating, with ATB Capital raising it from "sector perform" to "outperform" and increasing the price target from C$225.00 to C$235.00.
• The company also declared a quarterly dividend of $0.04 per share, raising it from the previous $0.03, leading to an annualized yield of 0.1%.

Mainstreet Equity Corp. (TSE:MEQ - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$191.17 and traded as high as C$196.89. Mainstreet Equity shares last traded at C$192.96, with a volume of 5,868 shares trading hands.

Analyst Ratings Changes

Several research firms recently commented on MEQ. ATB Capital raised Mainstreet Equity from a "sector perform" rating to an "outperform" rating and boosted their target price for the stock from C$225.00 to C$235.00 in a research note on Monday, August 11th. Atb Cap Markets upgraded shares of Mainstreet Equity from a "hold" rating to a "strong-buy" rating in a research note on Sunday, August 10th. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. Based on data from MarketBeat.com, Mainstreet Equity currently has an average rating of "Strong Buy" and an average target price of C$235.00.

Mainstreet Equity Trading Up 0.7%

The firm has a market cap of C$1.79 billion, a PE ratio of 6.98 and a beta of 0.96. The company has a current ratio of 0.51, a quick ratio of 0.81 and a debt-to-equity ratio of 109.80. The business has a fifty day moving average price of C$193.20 and a 200 day moving average price of C$190.78.

Mainstreet Equity Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Thursday, July 17th were given a $0.04 dividend. This is a boost from Mainstreet Equity's previous quarterly dividend of $0.03. This represents a $0.16 dividend on an annualized basis and a yield of 0.1%. Mainstreet Equity's payout ratio is 0.49%.

About Mainstreet Equity

Mainstreet Equity Corp. engages in the acquisition, redevelopment, repositioning, and management of mid-market residential rental apartment buildings in Western Canada. The company owns a portfolio of multi-family residential properties in British Columbia, Calgary, Edmonton, Saskatoon, Regina, and Winnipeg.