CIBC Downgrades Inovalis Real Estate Investment Trust (INO.UN) to Sector Perform
Inovalis Real Estate Investment Trust (TSE:INO.UN) was downgraded by investment analysts at CIBC from an “outperform” rating to a “sector perform” rating in a research report issued to clients and investors on Friday. They presently have a C$9.50 price objective on the stock, down from their prior price objective of C$10.50.
INO.UN has been the subject of several other reports. BMO Capital Markets set a C$10.50 target price on Inovalis Real Estate Investment Trust and gave the stock an “outperform” rating in a research report on Monday, September 12th. Desjardins reduced their target price on Inovalis Real Estate Investment Trust from C$10.50 to C$10.25 in a research report on Tuesday, July 26th. Finally, Dundee Securities boosted their target price on Inovalis Real Estate Investment Trust from C$9.75 to C$10.50 in a research report on Tuesday, August 16th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of C$10.21.
The company also recently declared a monthly dividend, which was paid on Tuesday, November 15th. Shareholders of record on Tuesday, November 15th were paid a dividend of $0.0688 per share. This represents a $0.83 annualized dividend and a yield of Infinity. The ex-dividend date was Thursday, October 27th.
About Inovalis Real Estate Investment Trust
Inovalis Real Estate Investment Trust (Inovalis REIT) is a Canada-based open-ended real estate investment trust (REIT). Inovalis REIT is formed for the purpose of acquiring and owning office properties primarily located in France and Germany and also in other European countries. It owns interest in over 11 properties, of which seven are owned by the REIT (Baldi, Courbevoie, Jeuneurs, Metropolitan, Sabliere and Vanves in France, Hanover in Germany) and four are held through partnerships with various global institutional funds (Arcueil in France, Bad Homburg, Cologne and Duisburg in Germany) comprising over 1,083,000 square feet of gross leasable area.
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