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

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 report issued 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 indicates a potential upside of 33.33% from the company’s previous close.

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

Slate Office REIT Stock Performance

Shares of TSE:SOT.UN opened at C$0.23 on Wednesday. Slate Office REIT has a twelve month low of C$0.21 and a twelve month high of C$2.02. The firm has a market cap of C$18.01 million, a PE ratio of -0.14 and a beta of 0.93. The company has a debt-to-equity ratio of 234.35, a quick ratio of 0.14 and a current ratio of 0.51. The business has a fifty day moving average of C$0.57 and a 200-day moving average of C$0.71.

Slate Office REIT Company Profile

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.