Morguard North American Residential Real Estate Investment Trust (TSE:MRG.UN) Share Price Crosses Above 200 Day Moving Average - Here's Why

Key Points

• The stock price of Morguard North American Residential Real Estate Investment Trust (TSE:MRG.UN) has crossed above its 200-day moving average, trading at C$18.72.
• Analysts have revised their price targets upwards, with TD Securities increasing their target from C$22.00 to C$23.00 and Desjardins raising their price objective from C$20.00 to C$22.00, indicating a consensus target price of C$22.50.
• Insider buying activity has been notable, with insiders purchasing a total of 48,900 shares valued at over $5.5 million in the past three months, suggesting potential confidence in the stock.

Morguard North American Residential Real Estate Investment Trust (TSE:MRG.UN - Get Free Report)'s stock price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$17.69 and traded as high as C$18.90. Morguard North American Residential Real Estate Investment Trust shares last traded at C$18.72, with a volume of 13,437 shares trading hands.

Analyst Upgrades and Downgrades

MRG.UN has been the topic of several analyst reports. TD Securities lifted their target price 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. Desjardins lifted their target price on shares of Morguard North American Residential Real Estate Investment Trust from C$20.00 to C$22.00 in a report on Friday, August 1st. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of C$22.50.

Morguard North American Residential Real Estate Investment Trust Price Performance

The company has a debt-to-equity ratio of 95.54, a quick ratio of 0.09 and a current ratio of 0.80. The business's 50 day simple moving average is C$18.43 and its 200-day simple moving average is C$17.74. The stock has a market capitalization of C$649.26 million, a price-to-earnings ratio of 6.76 and a beta of 1.01.

Insider Transactions at Morguard North American Residential Real Estate Investment Trust

In other news, insider Sime Armoyan bought 2,400 shares of Morguard North American Residential Real Estate Investment Trust stock in a transaction on Thursday, June 26th. The stock was purchased at an average cost of C$113.47 per share, with a total value of C$272,328.96. Over the last ninety days, insiders have bought 5,270 shares of company stock worth $596,781. Insiders own 26.42% of the company's stock.

About Morguard North American Residential Real Estate Investment Trust

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.