Global Medical REIT (GMRE) Stock Price Down 8.2%

Global Medical REIT Inc (NYSE:GMRE) shares dropped 8.2% on Thursday . The stock traded as low as $9.76 and last traded at $9.88. Approximately 4,283,164 shares changed hands during trading, an increase of 1,544% from the average daily volume of 260,533 shares. The stock had previously closed at $10.76.

GMRE has been the subject of several research analyst 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 for the company. in a research note on Wednesday, December 19th. Zacks Investment Research raised shares of Global Medical REIT from a “hold” rating to a “buy” rating and set a $10.00 price objective for the company in a research note on Tuesday, January 8th. Boenning Scattergood reissued a “buy” rating on shares of Global Medical REIT in a research note on Thursday, March 7th. Finally, B. Riley set a $11.00 price objective on shares of Global Medical REIT and gave the company a “buy” rating in a research note on Friday, March 8th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Global Medical REIT has a consensus rating of “Buy” and an average target price of $10.17.

The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.09 and a current ratio of 0.11. The company has a market cap of $274.10 million, a P/E ratio of 12.67, a P/E/G ratio of 1.37 and a beta of 0.62.

Global Medical REIT (NYSE:GMRE) last posted its quarterly earnings data on Thursday, March 7th. The company reported $0.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.10. Global Medical REIT had a net margin of 22.62% and a return on equity of 6.29%. The business had revenue of $14.38 million during the quarter, compared to analyst estimates of $14.46 million. Analysts anticipate that Global Medical REIT Inc will post 0.85 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 10th. Stockholders of record on Tuesday, March 26th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 8.10%. The ex-dividend date of this dividend is Monday, March 25th. Global Medical REIT’s payout ratio is 102.56%.

In other news, major shareholder Zh Usa, Llc purchased 1,111,111 shares of the firm’s stock in a transaction that occurred on Friday, December 14th. The stock was bought at an average price of $9.00 per share, for a total transaction of $9,999,999.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 13.00% of the stock is owned by insiders.

Institutional investors have recently modified their holdings of the stock. D. E. Shaw & Co. Inc. purchased a new position in Global Medical REIT in the fourth quarter worth approximately $89,000. Bank of America Corp DE lifted its stake in Global Medical REIT by 113.3% in the fourth quarter. Bank of America Corp DE now owns 10,296 shares of the company’s stock worth $92,000 after acquiring an additional 5,470 shares during the last quarter. Schnieders Capital Management LLC purchased a new position in Global Medical REIT in the fourth quarter worth approximately $116,000. Squarepoint Ops LLC purchased a new position in Global Medical REIT in the fourth quarter worth approximately $118,000. Finally, State Board of Administration of Florida Retirement System raised its holdings in Global Medical REIT by 10.5% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 15,526 shares of the company’s stock worth $138,000 after purchasing an additional 1,474 shares in the last quarter. Institutional investors own 49.70% of the company’s stock.

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Global Medical REIT Company Profile (NYSE:GMRE)

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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