Zacks Investment Research upgraded shares of Global Medical REIT (NYSE:GMRE) from a hold rating to a buy rating in a research report report published on Tuesday morning. They currently have $10.00 price objective on the stock.
According to Zacks, “Global Medical REIT Inc. is engaged primarily in the acquisition of licensed, state-of-the-art, purpose-built healthcare facilities and the leasing of these facilities to clinical operators. Global Medical REIT Inc. is based in Denver, United States. “
GMRE has been the topic of several other research reports. Janney Montgomery Scott lowered shares of Global Medical REIT from a buy rating to a neutral rating and set a $9.03 target price on the stock. in a report on Wednesday, December 19th. Boenning Scattergood upgraded shares of Global Medical REIT from a neutral rating to a buy rating and set a $11.00 price objective on the stock in a report on Wednesday, November 7th. B. Riley reiterated a buy rating on shares of Global Medical REIT in a report on Monday, November 12th. Finally, Robert W. Baird began coverage on shares of Global Medical REIT in a report on Thursday, October 11th. They issued an outperform rating and a $11.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Global Medical REIT presently has a consensus rating of Buy and a consensus target price of $10.29.
Global Medical REIT (NYSE:GMRE) last posted its earnings results on Monday, November 5th. The company reported $0.01 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.22). The business had revenue of $14.00 million for the quarter, compared to analyst estimates of $14.34 million. Global Medical REIT had a net margin of 9.87% and a return on equity of 2.65%. On average, analysts predict that Global Medical REIT will post 0.78 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, January 10th. Stockholders of record on Wednesday, December 26th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 8.41%. The ex-dividend date was Monday, December 24th. Global Medical REIT’s payout ratio is currently 148.15%.
In related news, major shareholder Zh Usa, Llc bought 1,111,111 shares of the company’s stock in a transaction dated Friday, December 14th. The stock was bought at an average price of $9.00 per share, with a total value of $9,999,999.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 13.00% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of Global Medical REIT by 16.5% during the 2nd quarter. BlackRock Inc. now owns 1,010,733 shares of the company’s stock valued at $8,955,000 after buying an additional 143,401 shares during the last quarter. Wedge Capital Management L L P NC bought a new stake in shares of Global Medical REIT during the 3rd quarter valued at about $1,158,000. Chicago Equity Partners LLC bought a new stake in shares of Global Medical REIT during the 3rd quarter valued at about $565,000. Man Group plc grew its position in shares of Global Medical REIT by 17.0% during the 3rd quarter. Man Group plc now owns 296,024 shares of the company’s stock valued at $2,789,000 after buying an additional 43,100 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of Global Medical REIT by 16.0% during the 2nd quarter. Northern Trust Corp now owns 224,496 shares of the company’s stock valued at $1,989,000 after buying an additional 30,934 shares during the last quarter. 41.48% of the stock is owned by institutional investors.
Global Medical REIT Company Profile
Global Medical REIT, Inc operates as a development stage company that intends to develop and manage a portfolio of healthcare real estate assets and properties. The company was founded on March 18, 2011 and is headquartered in Bethesda, MD.
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