Slate Office REIT (TSE:SOT.UN) Downgraded to “Underperform” at BMO Capital Markets

BMO Capital Markets downgraded shares of Slate Office REIT (TSE:SOT.UN) from a sector perform rating to an underperform rating in a report published on Wednesday morning, BayStreet.CA reports. They currently have C$0.30 price objective on the stock, down from their previous price objective of C$0.70.

SOT.UN has been the subject of several other reports. Cormark lowered their target price on Slate Office REIT from C$0.80 to C$0.65 in a report on Tuesday, May 7th. TD Securities lowered their target price on Slate Office REIT from C$0.80 to C$0.75 in a report on Wednesday, April 24th. Royal Bank of Canada lowered Slate Office REIT from a sector perform rating to an underperform rating and lowered their target price for the company from C$0.70 to C$0.30 in a report on Wednesday. Finally, CIBC lowered Slate Office REIT from a neutral rating to an underperform rating in a report on Wednesday. Five investment analysts have rated the stock with a sell rating and two have given a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Reduce and an average target price of C$0.64.

Slate Office REIT Trading Down 4.4 %

TSE:SOT.UN opened at C$0.22 on Wednesday. The company has a debt-to-equity ratio of 234.35, a quick ratio of 0.14 and a current ratio of 0.51. Slate Office REIT has a one year low of C$0.21 and a one year high of C$2.02. The business’s 50-day simple moving average is C$0.56 and its 200 day simple moving average is C$0.71. The stock has a market cap of C$17.21 million, a price-to-earnings ratio of -0.13 and a beta of 0.93.

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.