Global Medical REIT (NYSE:GMRE) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Global Medical REIT (NYSE:GMRE) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.

A number of other equities research analysts have also issued reports on the company. Zacks Research upgraded Global Medical REIT from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, September 24th. Citigroup raised Global Medical REIT to an “outperform” rating in a research note on Monday, October 13th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Global Medical REIT in a research note on Wednesday, October 8th. JMP Securities set a $40.00 price target on shares of Global Medical REIT and gave the company a “market outperform” rating in a research report on Monday, October 13th. Finally, Citizens Jmp raised shares of Global Medical REIT from a “market perform” rating to an “outperform” rating and set a $40.00 price objective for the company in a report on Monday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Global Medical REIT has a consensus rating of “Moderate Buy” and an average price target of $42.50.

Global Medical REIT Trading Up 0.5%

Shares of GMRE stock opened at $32.52 on Friday. The stock’s fifty day moving average is $33.81 and its two-hundred day moving average is $34.14. 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 has a market capitalization of $436.03 million, a P/E ratio of -130.06 and a beta of 1.17. Global Medical REIT has a fifty-two week low of $29.05 and a fifty-two week high of $45.75.

Global Medical REIT (NYSE:GMRE) last released its earnings results on Tuesday, November 4th. The company reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.07. The business had revenue of $37.23 million during the quarter, compared to analyst estimates of $38.15 million. Global Medical REIT had a net margin of 0.79% and a return on equity of 0.25%. Global Medical REIT has set its FY 2025 guidance at 4.500-4.600 EPS. Research analysts expect that Global Medical REIT will post 0.81 earnings per share for the current fiscal year.

Global Medical REIT Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Monday, September 29th were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 9.2%. The ex-dividend date of this dividend was Monday, September 29th. This is a positive change from Global Medical REIT’s previous quarterly dividend of $0.15. Global Medical REIT’s dividend payout ratio is -1,200.00%.

Global Medical REIT announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 13th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Global Medical REIT

Institutional investors have recently made changes to their positions in the stock. Strs Ohio lifted its holdings in shares of Global Medical REIT by 3,810.1% in the 2nd quarter. Strs Ohio now owns 426,200 shares of the company’s stock worth $2,954,000 after acquiring an additional 415,300 shares during the last quarter. Gabelli Funds LLC purchased a new stake in Global Medical REIT in the second quarter valued at approximately $2,829,000. Invesco Ltd. lifted its stake in Global Medical REIT by 30.5% during the second quarter. Invesco Ltd. now owns 1,518,668 shares of the company’s stock worth $10,524,000 after purchasing an additional 355,355 shares in the last quarter. Marshall Wace LLP boosted its position in shares of Global Medical REIT by 2,208.2% during the second quarter. Marshall Wace LLP now owns 291,708 shares of the company’s stock worth $2,022,000 after buying an additional 279,070 shares during the period. Finally, Russell Investments Group Ltd. grew its stake in shares of Global Medical REIT by 652.3% in the first quarter. Russell Investments Group Ltd. now owns 257,029 shares of the company’s stock valued at $2,249,000 after buying an additional 222,864 shares in the last quarter. 57.52% of the stock is currently owned by institutional investors and hedge funds.

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.