Slate Grocery REIT (TSE:SGR.UN) Hits New 1-Year High - Here's What Happened

Key Points

• Slate Grocery REIT rose to a new 52-week high of C$17.87, up from its prior close of C$17.61, with approximately 969,243 shares traded.
• Despite the price surge, analysts remain bearish: TD and ATB Cormark both lowered their ratings, and the consensus rating is “Sell” with a C$13.00 price target.
• The REIT announced a monthly dividend of C$0.072 per share, equivalent to an annualized C$0.86 and a 4.8% yield; however, its payout ratio stands at a high 121.73%.

Shares of Slate Grocery REIT (TSE:SGR.UN - Get Free Report) hit a new 52-week high during trading on Thursday. The stock traded as high as C$17.87 and last traded at C$17.87, with a volume of 969243 shares changing hands. The stock had previously closed at C$17.61.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on SGR.UN shares. TD cut shares of Slate Grocery REIT from a "hold" rating to a "sell" rating and boosted their price target for the stock from C$12.00 to C$13.00 in a report on Wednesday. ATB Cormark Capital Markets lowered shares of Slate Grocery REIT from an "underperform" rating to a "tender" rating and increased their price objective for the company from C$8.00 to C$13.00 in a research note on Wednesday. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has an average rating of "Sell" and a consensus price target of C$13.00.

Slate Grocery REIT Trading Up 1.5%

The stock has a market capitalization of C$1.06 billion, a PE ratio of 25.18 and a beta of 1.22. The firm has a 50-day moving average price of C$16.00 and a 200-day moving average price of C$16.34. The company has a current ratio of 0.09, a quick ratio of 0.38 and a debt-to-equity ratio of 133.42.

Slate Grocery REIT (TSE:SGR.UN - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported C$0.23 earnings per share for the quarter. The company had revenue of C$82.31 million for the quarter. Slate Grocery REIT had a net margin of 16.33% and a return on equity of 5.14%. As a group, equities analysts forecast that Slate Grocery REIT will post 1.8853755 EPS for the current fiscal year.

Slate Grocery REIT Dividend Announcement

The business also recently announced a monthly dividend, which was paid on Monday, August 17th. Shareholders of record on Monday, August 17th were paid a $0.0720 dividend. This represents a $0.86 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date was Friday, July 31st. Slate Grocery REIT's payout ratio is presently 121.73%.

About Slate Grocery REIT

Slate Grocery REIT is an owner and operator of U.S. grocery-anchored real estate. The REIT owns and operates critical real estate infrastructure across major U.S. metro markets that communities rely upon for their daily needs. The REIT's resilient grocery-anchored portfolio and strong credit tenants are expected to provide unitholders with durable cash flows and the potential for capital appreciation over the longer term.

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