Slate Office REIT (TSE:SOT.UN) Downgraded to “Underperform” at Royal Bank of Canada

Slate Office REIT (TSE:SOT.UN) was downgraded by stock analysts at Royal Bank of Canada from a “sector perform” rating to an “underperform” rating in a research note issued to investors on Wednesday, BayStreet.CA reports. They currently have a C$0.30 price target on the stock, down from their previous price target of C$0.70. Royal Bank of Canada’s price objective points to a potential upside of 30.43% from the company’s previous close.

Several other brokerages also recently issued reports on SOT.UN. CIBC downgraded Slate Office REIT from a “neutral” rating to an “underperform” rating in a report on Wednesday. TD Securities reduced their price objective on Slate Office REIT from C$0.80 to C$0.75 in a research report on Wednesday, April 24th. Finally, Cormark reduced their price target on Slate Office REIT from C$0.80 to C$0.65 in a research report on Tuesday, May 7th. Five research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of C$0.64.

Slate Office REIT Stock Down 34.3 %

Shares of TSE SOT.UN traded down C$0.12 during midday trading on Wednesday, hitting C$0.23. 406,488 shares of the stock traded hands, compared to its average volume of 63,077. The company has a market cap of C$18.41 million, a PE ratio of -0.14 and a beta of 0.93. Slate Office REIT has a one year low of C$0.22 and a one year high of C$2.02. The business has a 50 day moving average price of C$0.59 and a two-hundred day moving average price of C$0.72. The company has a debt-to-equity ratio of 234.35, a quick ratio of 0.14 and a current ratio of 0.51.

About Slate Office REIT

Slate Office REIT is an open-ended real estate investment trust. The REIT's portfolio currently comprises 43 strategic and well-located real estate assets located primarily across Canada's major population centres including one downtown asset in Chicago, Illinois. The REIT is focused on maximizing value through internal organic rental and occupancy growth and strategic acquisitions.