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

Royal Bank of Canada lowered shares of Slate Office REIT (TSE:SOT.UN) from a sector perform rating to an underperform rating in a research report report published on Wednesday morning, BayStreet.CA reports. Royal Bank of Canada currently has C$0.30 price target on the stock, down from their prior price target of C$0.70.

SOT.UN has been the subject of several other reports. CIBC cut shares of Slate Office REIT from a neutral rating to an underperform rating in a report on Wednesday. TD Securities decreased their price target on shares of Slate Office REIT from C$0.80 to C$0.75 in a report on Wednesday, April 24th. Finally, Cormark decreased their price target on shares of Slate Office REIT from C$0.80 to C$0.65 in a report on Tuesday, May 7th. Five analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Reduce and a consensus target price of C$0.64.

Slate Office REIT Stock Performance

SOT.UN stock opened at C$0.23 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. The stock has a market cap of C$18.41 million, a P/E ratio of -0.14 and a beta of 0.93. The firm has a 50 day simple moving average of C$0.58 and a 200 day simple moving average of C$0.72. Slate Office REIT has a 52 week low of C$0.22 and a 52 week high of C$2.02.

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.