Slate Grocery REIT (TSE:SGR.UN) Shares Climb 0.3% - Here's What Happened

Key Points

• Slate Grocery REIT shares rose 0.3% to C$17.50 in mid-day trading, although volume was 39% below its average.
• Analysts remain bearish: TD and ATB Cormark downgraded the REIT, and the stock carries a consensus “Sell” rating with a C$13.00 target price.
• The REIT reported C$0.23 in quarterly EPS on C$82.31 million in revenue and pays a monthly dividend of $0.072 per share, equating to a 4.9% yield; its payout ratio is 121.73%.

Slate Grocery REIT (TSE:SGR.UN - Get Free Report)'s stock price traded up 0.3% during mid-day trading on Thursday. The company traded as high as C$17.57 and last traded at C$17.50. 139,194 shares traded hands during trading, a decline of 39% from the average daily volume of 228,008 shares. The stock had previously closed at C$17.45.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SGR.UN. TD lowered Slate Grocery REIT from a "hold" rating to a "sell" rating and boosted their target price for the company from C$12.00 to C$13.00 in a research note on Wednesday, September 30th. ATB Cormark Capital Markets cut Slate Grocery REIT from an "underperform" rating to a "tender" rating and increased their target price for the company from C$8.00 to C$13.00 in a report on Wednesday, September 30th. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat, the company presently has a consensus rating of "Sell" and a consensus target price of C$13.00.

Slate Grocery REIT Trading Up 0.3%

The company has a debt-to-equity ratio of 133.42, a current ratio of 0.09 and a quick ratio of 0.38. The firm's 50 day moving average is C$16.17 and its 200 day moving average is C$16.61. The company has a market capitalization of C$1.04 billion, a PE ratio of 24.66 and a beta of 0.94.

Slate Grocery REIT (TSE:SGR.UN - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported C$0.23 earnings per share for the quarter. The business had revenue of C$82.31 million during 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 predict that Slate Grocery REIT will post 1.89 EPS for the current year.

Slate Grocery REIT Dividend Announcement

The company also recently disclosed a monthly dividend, which was paid on Monday, August 17th. Stockholders of record on Monday, August 17th were paid a dividend of $0.0720 per share. This represents a $0.86 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend was Friday, July 31st. Slate Grocery REIT's dividend payout ratio is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.