Royal Bank of Canada Trims Slate Office REIT (TSE:SOT.UN) Target Price to C$1.00

Slate Office REIT (TSE:SOT.UN) had its target price dropped by investment analysts at Royal Bank of Canada from C$1.75 to C$1.00 in a report issued on Monday, BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 6.38% from the company’s current price.

SOT.UN has been the subject of several other research reports. TD Securities lowered their price objective on Slate Office REIT from C$1.40 to C$1.00 and set a “hold” rating for the company in a research report on Thursday. Raymond James lowered their price target on Slate Office REIT from C$1.50 to C$1.10 in a research report on Wednesday, October 25th. Cormark lowered Slate Office REIT from a “market perform” rating to a “reduce” rating and lowered their price target for the stock from C$2.20 to C$1.20 in a research report on Monday, August 21st. CIBC lowered their price target on Slate Office REIT from C$1.50 to C$1.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, National Bankshares lowered Slate Office REIT from a “sector perform” rating to an “underperform” rating and lowered their price target for the stock from C$1.90 to C$1.25 in a research report on Friday, August 4th. Two research analysts have rated the stock with a sell rating and four have given a hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of C$1.26.

Slate Office REIT Stock Performance

Slate Office REIT stock remained flat at C$0.94 on Monday. The company’s stock had a trading volume of 206,995 shares, compared to its average volume of 175,465. The company has a debt-to-equity ratio of 194.26, a quick ratio of 0.14 and a current ratio of 0.13. The stock has a market capitalization of C$75.22 million, a price-to-earnings ratio of -0.81 and a beta of 1.17. The firm has a 50-day moving average of C$1.26 and a two-hundred day moving average of C$1.65. Slate Office REIT has a fifty-two week low of C$0.77 and a fifty-two week high of C$4.67.

Insider Buying and Selling

In other news, insider Slate Asset Management LP purchased 20,000 shares of the business’s stock in a transaction on Thursday, August 24th. The stock was acquired at an average cost of C$1.59 per share, for a total transaction of C$31,700.00. In the last ninety days, insiders acquired 27,300 shares of company stock worth $42,307. 18.36% of the stock is owned by corporate insiders.

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.