CIBC Maintains a Hold Rating on Pure Multi-Family REIT LP (RUF.U)

By Austin Angelo

On August 9, an analyst has provided a rating update for Pure Multi-Family REIT LP (RUF.UResearch Report). On August 9, analyst Dean Wilkinson gave a Hold rating to RUF.U and set a C$7.61 price target.

According to TipRanks.com, Wilkinson is a 4-star analyst with an average return of 12.0% and a 72.0% success rate. Wilkinson covers the Financial sector, focusing on stocks such as RioCan Real Estate Investment Trust, Artis Real Estate Investment Trust, and Brookfield Property Partners.

Pure Multi-Family REIT LP has an analyst consensus of Moderate Buy, with a price target consensus of $7.46, a -1.5% downside from current levels. In a report issued on August 8, BMO Capital also downgraded the stock to Hold with a $7.61 price target.

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Based on Pure Multi-Family REIT LP’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $32.28 million. In comparison, last year the company had a net profit of $18.8 million.

Pure Multi-Family REIT LP engages in the provision of investments in real estate. The company focuses on owning and operating multifamily apartment properties. Its portfolio includes luxury resort-style apartment communities in the markets of the US Sunbelt. The company was founded by Stephen J. Evans on May 8, 2012 and is headquartered in Vancouver, Canada.

The company’s shares closed on Friday at $7.57, close to its 52-week high of $7.75.