Global Medical REIT (NYSE:GMRE) Stock Price Down 8.3%

Global Medical REIT Inc (NYSE:GMRE)’s stock price dropped 8.3% during trading on Monday . The stock traded as low as $13.16 and last traded at $13.31, approximately 586,151 shares changed hands during trading. An increase of 55% from the average daily volume of 377,464 shares. The stock had previously closed at $14.52.

GMRE has been the topic of several analyst reports. Janney Montgomery Scott upgraded Global Medical REIT from a “neutral” rating to a “buy” rating and set a $14.50 target price on the stock in a report on Tuesday, January 7th. Stifel Nicolaus raised their target price on Global Medical REIT from $14.00 to $16.00 and gave the company a “buy” rating in a report on Thursday, March 5th. National Securities initiated coverage on Global Medical REIT in a report on Friday, February 7th. They set a “buy” rating and a $16.00 target price on the stock. B. Riley downgraded Global Medical REIT from a “buy” rating to a “neutral” rating and raised their target price for the company from $15.00 to $16.00 in a report on Friday. Finally, Zacks Investment Research upgraded Global Medical REIT from a “hold” rating to a “buy” rating and set a $17.00 target price on the stock in a report on Friday. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $15.36.

The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.13 and a current ratio of 0.13. The firm has a fifty day simple moving average of $14.93 and a 200-day simple moving average of $12.99. The company has a market capitalization of $490.74 million, a PE ratio of 135.31 and a beta of 0.45.

Global Medical REIT (NYSE:GMRE) last posted its quarterly earnings data on Wednesday, March 4th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.17). Global Medical REIT had a return on equity of 2.68% and a net margin of 11.12%. The business had revenue of $20.45 million for the quarter, compared to analysts’ expectations of $19.44 million. As a group, research analysts anticipate that Global Medical REIT Inc will post 0.84 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Wednesday, March 25th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, March 24th. This represents a $0.80 annualized dividend and a yield of 5.84%. Global Medical REIT’s dividend payout ratio is presently 106.67%.

A number of hedge funds have recently bought and sold shares of the business. Rhumbline Advisers grew its position in shares of Global Medical REIT by 10.7% during the 3rd quarter. Rhumbline Advisers now owns 49,217 shares of the company’s stock valued at $561,000 after purchasing an additional 4,742 shares in the last quarter. BB&T Securities LLC grew its stake in Global Medical REIT by 13.4% during the third quarter. BB&T Securities LLC now owns 22,657 shares of the company’s stock valued at $256,000 after acquiring an additional 2,677 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Global Medical REIT by 87.2% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 49,003 shares of the company’s stock valued at $559,000 after acquiring an additional 22,830 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in Global Medical REIT by 186.6% during the third quarter. Tower Research Capital LLC TRC now owns 4,443 shares of the company’s stock valued at $51,000 after acquiring an additional 2,893 shares in the last quarter. Finally, D.A. Davidson & CO. grew its stake in shares of Global Medical REIT by 14.2% in the 3rd quarter. D.A. Davidson & CO. now owns 77,600 shares of the company’s stock worth $885,000 after buying an additional 9,623 shares in the last quarter. Institutional investors own 69.88% of the company’s stock.

About Global Medical REIT (NYSE:GMRE)

Global Medical REIT, Inc engages in the acquisition of purpose-built healthcare facilities and leasing of those properties to strong healthcare systems and physician groups. The company was founded on March 18, 2011 and is headquartered in Bethesda, MD.

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