CIBC Downgrades Slate Office REIT (TSE:SOT.UN) to Underperform

CIBC cut shares of Slate Office REIT (TSE:SOT.UN) from a neutral rating to an underperform rating in a report published on Wednesday, BayStreet.CA reports.

A number of other brokerages have also recently commented on SOT.UN. Cormark reduced their target price on Slate Office REIT from C$0.80 to C$0.65 in a report on Tuesday, May 7th. TD Securities reduced their target price on Slate Office REIT from C$0.80 to C$0.75 in a report on Wednesday, April 24th. Five investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. Based on data from MarketBeat.com, Slate Office REIT has an average rating of Reduce and an average price target of C$0.64.

Slate Office REIT Stock Performance

TSE SOT.UN opened at C$0.22 on Wednesday. The stock has a market capitalization of C$17.21 million, a price-to-earnings ratio of -0.13 and a beta of 0.93. Slate Office REIT has a twelve month low of C$0.21 and a twelve month high of C$2.02. The company has a current ratio of 0.51, a quick ratio of 0.14 and a debt-to-equity ratio of 234.35. The stock has a 50-day moving average of C$0.56 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.