Redmond Asset Management LLC Sells 340,240 Shares of Global Medical REIT Inc. $GMRE

Redmond Asset Management LLC lessened its position in Global Medical REIT Inc. (NYSE:GMRE) by 79.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,382 shares of the company’s stock after selling 340,240 shares during the period. Redmond Asset Management LLC owned 0.64% of Global Medical REIT worth $2,912,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Fifth Third Bancorp bought a new stake in shares of Global Medical REIT during the third quarter worth about $35,000. New York State Teachers Retirement System acquired a new stake in Global Medical REIT during the 3rd quarter worth approximately $39,000. Tower Research Capital LLC TRC boosted its position in Global Medical REIT by 70.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,379 shares of the company’s stock worth $51,000 after buying an additional 3,046 shares during the period. Metis Global Partners LLC bought a new stake in Global Medical REIT during the 2nd quarter worth approximately $72,000. Finally, B. Riley Wealth Advisors Inc. acquired a new position in Global Medical REIT in the 2nd quarter valued at approximately $78,000. 57.52% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently issued reports on GMRE. Weiss Ratings raised shares of Global Medical REIT from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, January 21st. Wall Street Zen downgraded Global Medical REIT from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Finally, Robert W. Baird lowered their target price on Global Medical REIT from $45.00 to $41.00 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Global Medical REIT presently has a consensus rating of “Moderate Buy” and an average target price of $42.00.

Global Medical REIT Trading Down 0.1%

NYSE:GMRE opened at $35.96 on Wednesday. Global Medical REIT Inc. has a 52 week low of $29.05 and a 52 week high of $45.75. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.52 and a current ratio of 0.52. The firm’s fifty day moving average is $35.18 and its 200-day moving average is $34.35. The firm has a market cap of $482.22 million, a P/E ratio of -143.84 and a beta of 1.18.

Global Medical REIT Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 9th. Shareholders of record on Friday, December 19th were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 8.3%. The ex-dividend date was Friday, December 19th. Global Medical REIT’s dividend payout ratio (DPR) is presently -1,200.00%.

Global Medical REIT Company Profile

Global Medical REIT (NYSE: GMRE) is a real estate investment trust focused on owning and managing healthcare-related properties across the United States. The company acquires, develops and leases a diversified portfolio of medical office buildings, outpatient facilities, long-term care centers and other specialized healthcare real estate. By concentrating on essential healthcare assets, Global Medical REIT seeks to generate stable, long-term rental income under triple-net and modified gross lease structures.

Since its incorporation in 2016 and initial public offering in 2017, the company has pursued an acquisitive growth strategy targeting markets with strong demographic trends and limited supply of modern medical facilities.