Zacks Investment Research upgraded shares of Global Medical REIT Inc (NASDAQ:GMRE) from a hold rating to a buy rating in a research note released on Wednesday morning. They currently have $10.00 target price on the stock.
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. “
GMRE has been the subject of a number of other research reports. Compass Point upgraded Global Medical REIT from a neutral rating to a buy rating in a research report on Tuesday, March 28th. FBR & Co restated an outperform rating and set a $10.00 price objective on shares of Global Medical REIT in a research report on Tuesday, July 11th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $11.00.
Shares of Global Medical REIT (GMRE) opened at 9.12 on Wednesday. The firm’s 50-day moving average price is $9.52 and its 200 day moving average price is $9.05. Global Medical REIT has a 52 week low of $6.73 and a 52 week high of $11.38.
Global Medical REIT (NASDAQ:GMRE) last issued its quarterly earnings data on Thursday, May 11th. The company reported ($0.14) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.10 by $0.24. The firm had revenue of $4.66 million for the quarter, compared to analysts’ expectations of $5.32 million. Global Medical REIT had a negative net margin of 54.55% and a negative return on equity of 6.70%. On average, analysts predict that Global Medical REIT will post ($0.04) earnings per share for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which was paid on Monday, July 10th. Stockholders of record on Tuesday, June 27th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, June 23rd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 8.77%.
In other news, Chairman Jeffrey Busch acquired 11,100 shares of the business’s stock in a transaction dated Friday, June 30th. The stock was purchased at an average price of $9.00 per share, for a total transaction of $99,900.00. Following the completion of the transaction, the chairman now directly owns 20,110 shares in the company, valued at approximately $180,990. The acquisition was disclosed in a filing with the SEC, which is available through this link.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GMRE. UBS Group AG boosted its position in shares of Global Medical REIT by 14.2% in the first quarter. UBS Group AG now owns 11,847 shares of the company’s stock worth $108,000 after buying an additional 1,477 shares during the last quarter. Wedbush Securities Inc. boosted its position in shares of Global Medical REIT by 6.2% in the first quarter. Wedbush Securities Inc. now owns 14,500 shares of the company’s stock worth $132,000 after buying an additional 849 shares during the last quarter. Citadel Advisors LLC bought a new position in shares of Global Medical REIT during the first quarter worth about $137,000. Menta Capital LLC bought a new position in shares of Global Medical REIT during the first quarter worth about $164,000. Finally, Teachers Advisors LLC boosted its position in shares of Global Medical REIT by 37.5% in the fourth quarter. Teachers Advisors LLC now owns 22,070 shares of the company’s stock worth $197,000 after buying an additional 6,018 shares during the last quarter.
Global Medical REIT Company Profile
Global Medical REIT Inc focuses on operating as a real estate investment trust. The Company is engaged primarily in the acquisition and leasing of licensed purpose-built healthcare facilities in certain markets with various clinical operators. The Company seeks to invest in these purpose-built, specialized facilities, such as surgery centers, specialty hospitals and outpatient treatment centers.
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