CIBC Issues Positive Forecast for Nexus Industrial REIT (TSE:NXR.UN) Stock Price

Nexus Industrial REIT (TSE:NXR.UN) had its target price lifted by CIBC from C$9.00 to C$9.50 in a research note released on Wednesday,BayStreet.CA reports.

Several other research firms have also recently issued reports on NXR.UN. BMO Capital Markets boosted their target price on Nexus Industrial REIT from C$8.50 to C$9.00 in a research report on Monday, October 28th. Raymond James upped their price target on Nexus Industrial REIT from C$9.25 to C$9.50 in a report on Friday, September 6th. National Bankshares upgraded Nexus Industrial REIT from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from C$7.50 to C$8.00 in a report on Thursday, July 18th. Desjardins upped their price target on Nexus Industrial REIT from C$8.75 to C$9.25 and gave the stock a “buy” rating in a report on Friday, August 16th. Finally, Scotiabank upped their price target on Nexus Industrial REIT from C$8.50 to C$9.00 and gave the stock an “outperform” rating in a report on Friday, August 16th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Nexus Industrial REIT has an average rating of “Moderate Buy” and an average price target of C$8.92.

Nexus Industrial REIT Stock Performance

Shares of NXR.UN stock opened at C$8.00 on Wednesday. The company has a quick ratio of 0.12, a current ratio of 0.44 and a debt-to-equity ratio of 129.95. The stock’s 50-day moving average price is C$8.60 and its 200 day moving average price is C$7.80. Nexus Industrial REIT has a 52-week low of C$6.47 and a 52-week high of C$9.15. The stock has a market capitalization of C$565.92 million, a PE ratio of 3.31 and a beta of 1.51.

Nexus Industrial REIT Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.0533 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 8.00%. Nexus Industrial REIT’s payout ratio is 26.45%.

Insider Transactions at Nexus Industrial REIT

In related news, Director Edwin E. Mclaughlin purchased 57,120 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was purchased at an average cost of C$8.76 per share, for a total transaction of C$500,296.94. Insiders bought a total of 116,586 shares of company stock worth $1,004,387 in the last ninety days. Insiders own 32.92% of the company’s stock.

About Nexus Industrial REIT

Nexus is a growth oriented real estate investment trust focused on increasing unitholder value through the acquisition, ownership and management of industrial, office and retail properties located in primary and secondary markets in North America. The REIT currently owns a portfolio of 73 properties comprising approximately 4.1 million square feet of rentable area.