Killam Apartment REIT (TSE:KMP.UN) Share Price Crosses Below Fifty Day Moving Average - Here's What Happened

Key Points

• Killam Apartment REIT shares fell below their 50-day moving average, trading as low as C$17.30 and last changing hands at C$17.39, below the C$17.71 average.
• Analysts remain bullish: Scotia, TD, and Raymond James raised their price targets, while all seven covering analysts rate the stock a Buy. The consensus price target is C$20.44.
• The REIT announced a monthly dividend of C$0.06 per share, equivalent to C$0.72 annually and a 4.1% yield, though its reported payout ratio is exceptionally high at 1,070.11%.

Killam Apartment REIT (TSE:KMP.UN - Get Free Report)'s share price crossed below its 50-day moving average during trading on Friday. The stock has a 50-day moving average of C$17.71 and traded as low as C$17.30. Killam Apartment REIT shares last traded at C$17.39, with a volume of 124,912 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Scotia raised their price objective on shares of Killam Apartment REIT from C$20.00 to C$20.25 and gave the company a "sector outperform" rating in a research note on Friday, August 7th. TD increased their price target on Killam Apartment REIT from C$21.00 to C$22.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Finally, Raymond James Financial increased their price target on Killam Apartment REIT from C$21.00 to C$21.25 and gave the company an "outperform" rating in a research note on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of C$20.44.

Killam Apartment REIT Trading Up 0.2%

The company has a debt-to-equity ratio of 82.05, a quick ratio of 0.03 and a current ratio of 0.10. The company has a 50 day simple moving average of C$17.71 and a two-hundred day simple moving average of C$17.93. The company has a market cap of C$2.09 billion, a PE ratio of 258.46 and a beta of 0.79.

Killam Apartment REIT (TSE:KMP.UN - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported C$0.53 earnings per share (EPS) for the quarter. The business had revenue of C$99.16 million during the quarter. Killam Apartment REIT had a net margin of 86.91% and a return on equity of 12.07%. Sell-side analysts forecast that Killam Apartment REIT will post 1.29 EPS for the current year.

Killam Apartment REIT Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, November 16th. Shareholders of record on Monday, November 16th will be given a dividend of $0.06 per share. This represents a $0.72 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Friday, October 30th. Killam Apartment REIT's dividend payout ratio is presently 1,070.11%.

Killam Apartment REIT Company Profile

Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential real estate investment trusts, owning, operating and developing a $5.4 billion portfolio of apartments and manufactured home communities. Killam's strategy to enhance value and profitability focuses on three priorities: 1) increasing earnings from existing operations, 2) expanding the portfolio and diversifying geographically through accretive acquisitions which target newer properties and through the disposition of non-core assets, and 3) developing high-quality properties in its core markets.

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