Global Medical REIT (GMRE) Cut to Hold at Zacks Investment Research

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Zacks Investment Research cut shares of Global Medical REIT (NYSE:GMRE) from a buy rating to a hold rating in a report issued on Wednesday morning.

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. “

Other equities research analysts have also issued reports about the company. B. Riley restated a buy rating on shares of Global Medical REIT in a report on Monday, November 12th. Boenning Scattergood upgraded Global Medical REIT from a neutral rating to a buy rating and set a $11.00 target price for the company in a report on Wednesday, November 7th. Robert W. Baird began coverage on Global Medical REIT in a report on Thursday, October 11th. They issued an outperform rating and a $11.00 target price for the company. Finally, Janney Montgomery Scott lowered Global Medical REIT from a buy rating to a neutral rating and set a $9.03 target price for the company. in a report on Wednesday, December 19th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Global Medical REIT currently has an average rating of Buy and an average target price of $10.29.

NYSE:GMRE traded up $0.11 on Wednesday, hitting $9.51. 158,535 shares of the company’s stock traded hands, compared to its average volume of 135,887. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.09 and a quick ratio of 0.09. Global Medical REIT has a 1 year low of $6.34 and a 1 year high of $10.05. The stock has a market cap of $207.10 million, a PE ratio of 17.61, a price-to-earnings-growth ratio of 1.17 and a beta of 0.51.

Global Medical REIT (NYSE:GMRE) last announced its quarterly earnings results on Monday, November 5th. The company reported $0.01 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.22). The firm had revenue of $14.00 million during the quarter, compared to the consensus estimate of $14.34 million. Global Medical REIT had a net margin of 9.87% and a return on equity of 2.65%. On average, equities research analysts anticipate that Global Medical REIT will post 0.78 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, January 10th. Investors of record on Wednesday, December 26th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, December 24th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 8.41%. Global Medical REIT’s payout ratio is 148.15%.

In other news, major shareholder Zh Usa, Llc bought 1,111,111 shares of the business’s stock in a transaction that occurred on Friday, December 14th. The stock was acquired at an average cost of $9.00 per share, for a total transaction of $9,999,999.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 13.00% of the company’s stock.

A number of large investors have recently made changes to their positions in GMRE. Bank of New York Mellon Corp grew its holdings in shares of Global Medical REIT by 4.0% during the second quarter. Bank of New York Mellon Corp now owns 184,553 shares of the company’s stock worth $1,635,000 after purchasing an additional 7,143 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of Global Medical REIT by 32.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 37,600 shares of the company’s stock worth $334,000 after purchasing an additional 9,200 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Global Medical REIT by 16.5% during the second quarter. BlackRock Inc. now owns 1,010,733 shares of the company’s stock worth $8,955,000 after purchasing an additional 143,401 shares during the last quarter. Citadel Advisors LLC bought a new stake in shares of Global Medical REIT during the second quarter worth $194,000. Finally, Renaissance Technologies LLC grew its holdings in shares of Global Medical REIT by 9.6% during the second quarter. Renaissance Technologies LLC now owns 172,900 shares of the company’s stock worth $1,532,000 after purchasing an additional 15,200 shares during the last quarter. Hedge funds and other institutional investors own 41.48% of the company’s stock.

About Global Medical REIT

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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