Global Medical REIT (NYSE:GMRE) Shares Gap Up to $10.15

Shares of Global Medical REIT Inc. (NYSE:GMRE) gapped up before the market opened on Wednesday . The stock had previously closed at $10.15, but opened at $10.36. Global Medical REIT shares last traded at $10.19, with a volume of 20,854 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Alliance Global Partners began coverage on shares of Global Medical REIT in a report on Thursday. They set a “buy” rating and a $12.00 target price on the stock.

Global Medical REIT Price Performance

The business’s fifty day simple moving average is $9.43 and its 200-day simple moving average is $8.98. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 1.20. The firm has a market cap of $667.03 million, a P/E ratio of 44.22, a PEG ratio of 1.39 and a beta of 1.24.

Global Medical REIT (NYSE:GMRE) last issued its earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.25). The business had revenue of $34.24 million for the quarter, compared to the consensus estimate of $35.24 million. Global Medical REIT had a net margin of 4.18% and a return on equity of 1.09%. During the same period in the previous year, the firm earned $0.23 EPS. As a group, analysts forecast that Global Medical REIT Inc. will post 0.85 EPS for the current fiscal year.

Global Medical REIT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Friday, September 20th will be issued a $0.21 dividend. The ex-dividend date is Friday, September 20th. This represents a $0.84 annualized dividend and a dividend yield of 8.26%. Global Medical REIT’s payout ratio is currently 365.22%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Gordian Capital Singapore Pte Ltd bought a new position in shares of Global Medical REIT in the second quarter worth $100,000. The Manufacturers Life Insurance Company increased its holdings in shares of Global Medical REIT by 7.8% in the second quarter. The Manufacturers Life Insurance Company now owns 48,186 shares of the company’s stock worth $438,000 after purchasing an additional 3,471 shares during the period. AQR Capital Management LLC increased its holdings in shares of Global Medical REIT by 71.1% in the second quarter. AQR Capital Management LLC now owns 188,931 shares of the company’s stock worth $1,715,000 after purchasing an additional 78,528 shares during the period. Beck Capital Management LLC grew its position in Global Medical REIT by 10.0% in the second quarter. Beck Capital Management LLC now owns 248,422 shares of the company’s stock worth $2,256,000 after acquiring an additional 22,501 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its position in Global Medical REIT by 4.9% in the second quarter. Thrivent Financial for Lutherans now owns 194,891 shares of the company’s stock worth $1,770,000 after acquiring an additional 9,180 shares in the last quarter. Institutional investors own 57.52% of the company’s stock.

About Global Medical REIT

Global Medical REIT Inc (GMRE) is a net-lease medical office real estate investment trust (REIT) that owns and acquires healthcare facilities and leases those facilities to physician groups and regional and national healthcare systems.