Zacks Investment Research cut shares of Canadian Apartment Properties REIT (NASDAQ:CAR) from a buy rating to a hold rating in a report issued on Thursday.

According to Zacks, “Avis Budget reported solid third-quarter results with record revenues. The company is aggressively increasing its presence in existing markets, while foraying in new markets like Iceland and Costa Rica. At the same time, it is focusing on expanding its Budget brand, taking its multi-brand strategy to the next level. Moreover, sustained productivity growth, implementation of pricing initiatives and potential revenue-generating synergies from acquisitions bode well for the future. However, volatility in market demand, foreign currency risks and dependence on third-parties remain headwinds. In addition, Avis Budget continues to face hurdles like high fleet costs and stiff competition from other players in the market, mainly on grounds of pricing. The company faces the risk of losing rental volumes if it is unable to match up to industry pricing standards. The company also underperformed the industry year to date.”

Other equities analysts have also issued research reports about the stock. Deutsche Bank AG reaffirmed a buy rating and set a $49.00 price objective (up previously from $44.00) on shares of Canadian Apartment Properties REIT in a research report on Friday, October 6th. Morgan Stanley cut their price objective on shares of Canadian Apartment Properties REIT from $19.00 to $18.00 and set an underweight rating on the stock in a research report on Friday, August 25th. B. Riley began coverage on shares of Canadian Apartment Properties REIT in a research report on Friday, September 22nd. They set a buy rating and a $36.00 price objective on the stock. National Bank Financial reaffirmed an outperform market weight rating on shares of Canadian Apartment Properties REIT in a research report on Friday, August 11th. Finally, BidaskClub raised shares of Canadian Apartment Properties REIT from a buy rating to a strong-buy rating in a research report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of C$37.70.

Canadian Apartment Properties REIT (CAR) traded down C$0.44 during mid-day trading on Thursday, hitting C$33.46. 4,170,000 shares of the company traded hands, compared to its average volume of 2,140,000. Canadian Apartment Properties REIT has a twelve month low of C$20.71 and a twelve month high of C$42.40.

Canadian Apartment Properties REIT (NASDAQ:CAR) last posted its quarterly earnings results on Monday, November 6th. The company reported C$3.10 EPS for the quarter, topping the consensus estimate of C$2.99 by C$0.11. The business had revenue of C$2.75 billion during the quarter, compared to analysts’ expectations of C$2.78 billion. Canadian Apartment Properties REIT had a net margin of 0.13% and a return on equity of 8.33%. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period last year, the company posted $2.47 earnings per share.

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The company also recently declared a monthly dividend, which was paid on Monday, October 16th. Stockholders of record on Friday, September 29th were given a $0.107 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date was Thursday, September 28th.

In other news, CEO Shon Larry D. De sold 25,000 shares of the firm’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of C$42.00, for a total value of C$1,050,000.00. Following the sale, the chief executive officer now owns 222,365 shares in the company, valued at C$9,339,330. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Ronald L. Nelson sold 250,000 shares of the firm’s stock in a transaction on Friday, October 13th. The stock was sold at an average price of C$41.02, for a total transaction of C$10,255,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 459,800 shares of company stock worth $18,153,448.

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in Canadian Apartment Properties REIT by 13,924.6% during the first quarter. BlackRock Inc. now owns 7,540,051 shares of the company’s stock worth $223,034,000 after buying an additional 7,486,288 shares in the last quarter. FMR LLC boosted its stake in Canadian Apartment Properties REIT by 815.5% during the second quarter. FMR LLC now owns 1,779,701 shares of the company’s stock worth $48,532,000 after buying an additional 1,585,301 shares in the last quarter. Bank of Montreal Can boosted its stake in Canadian Apartment Properties REIT by 106.5% during the second quarter. Bank of Montreal Can now owns 2,112,341 shares of the company’s stock worth $57,604,000 after buying an additional 1,089,508 shares in the last quarter. Vanguard Group Inc. boosted its stake in Canadian Apartment Properties REIT by 16.5% during the first quarter. Vanguard Group Inc. now owns 7,340,105 shares of the company’s stock worth $217,121,000 after buying an additional 1,037,148 shares in the last quarter. Finally, Pzena Investment Management LLC acquired a new stake in Canadian Apartment Properties REIT during the third quarter worth $37,704,000.

About Canadian Apartment Properties REIT

Avis Budget Group Inc is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France.

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Analyst Recommendations for Canadian Apartment Properties REIT (NASDAQ:CAR)

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