Mainstreet Equity (TSE:MEQ) Shares Pass Above 200-Day Moving Average - Here's Why

Key Points

• Mainstreet Equity Corp. recently surpassed its 200-day moving average during trading, reaching as high as C$204.52, and currently trades at C$203.00 with a market cap of C$1.89 billion.
• Analysts have upgraded the stock, with ATB Capital raising its rating to "strong-buy" and increasing the price target from C$225 to C$235.
• The company declared a quarterly dividend increase, now at $0.04 per share, reflecting a yield of 0.1%, up from the previous quarterly dividend of $0.03.

Shares of Mainstreet Equity Corp. (TSE:MEQ - Get Free Report) passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$191.95 and traded as high as C$204.52. Mainstreet Equity shares last traded at C$203.00, with a volume of 3,043 shares changing hands.

Analysts Set New Price Targets

MEQ has been the subject of several recent analyst reports. ATB Capital raised shares of Mainstreet Equity from a "sector perform" rating to an "outperform" rating and lifted their price objective for the stock from C$225.00 to C$235.00 in a research note on Monday, August 11th. Atb Cap Markets raised shares of Mainstreet Equity from a "hold" rating to a "strong-buy" rating in a research note on Sunday, August 10th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Strong Buy" and a consensus target price of C$235.00.

Mainstreet Equity Price Performance

The stock has a market capitalization of C$1.86 billion, a PE ratio of 9.94 and a beta of 1.63. The company has a quick ratio of 0.81, a current ratio of 0.51 and a debt-to-equity ratio of 109.80. The stock's 50 day moving average price is C$190.23 and its 200-day moving average price is C$191.95.

Mainstreet Equity Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Thursday, July 17th were issued a $0.04 dividend. This is an increase from Mainstreet Equity's previous quarterly dividend of $0.03. This represents a $0.16 annualized dividend and a dividend yield of 0.1%. Mainstreet Equity's payout ratio is presently 0.55%.

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.