Morguard North American Residential Real Estate Investment Trust (TSE:MRG.UN) Shares Cross Above 200 Day Moving Average - Here's What Happened

Key Points

• Morguard North American Residential Real Estate Investment Trust shares recently crossed above their 200-day moving average, trading up to C$18.71, and closing at C$18.57 with a volume of 8,917 shares.
• Equity research analysts have raised their target prices for the stock, with Desjardins increasing it from C$20.00 to C$22.00 and TD Securities from C$22.00 to C$23.00, both maintaining a "buy" rating.
• Insiders have actively bought shares of the company, accumulating a total of 4,070 shares valued at C$461,039 over the past three months, indicating strong insider confidence.

Morguard North American Residential Real Estate Investment Trust (TSE:MRG.UN - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$17.79 and traded as high as C$18.71. Morguard North American Residential Real Estate Investment Trust shares last traded at C$18.57, with a volume of 8,917 shares.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MRG.UN. Desjardins lifted their price objective on shares of Morguard North American Residential Real Estate Investment Trust from C$20.00 to C$22.00 in a research note on Friday, August 1st. TD Securities raised their price target on shares of Morguard North American Residential Real Estate Investment Trust from C$22.00 to C$23.00 and gave the company a "buy" rating in a report on Friday, August 1st. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of C$22.50.

Morguard North American Residential Real Estate Investment Trust Trading Up 0.8%

The firm has a market cap of C$646.80 million, a price-to-earnings ratio of 6.74 and a beta of 1.01. The business's 50 day moving average price is C$18.42 and its 200-day moving average price is C$17.81. The company has a debt-to-equity ratio of 95.54, a quick ratio of 0.09 and a current ratio of 0.80.

Insiders Place Their Bets

In other news, insider Sime Armoyan bought 500 shares of the firm's stock in a transaction dated Friday, June 27th. The stock was bought at an average price of C$113.00 per share, for a total transaction of C$56,500.00. 26.42% of the stock is currently owned by corporate insiders.

Morguard North American Residential Real Estate Investment Trust Company Profile

Morguard North American Residential Real Estate Investment Trust is an open-end real estate investment trust. The REIT invests in multi-suite residential rental properties in Canada and the United States. The REIT operates into two reportable segments, Canada and the United States. The United States contributes to the vast majority of revenue.