Global Medical REIT (NYSE:GMRE) Shares Gap Down to $10.16

Global Medical REIT Inc. (NYSE:GMRE) shares gapped down prior to trading on Friday . The stock had previously closed at $10.16, but opened at $9.88. Global Medical REIT shares last traded at $9.89, with a volume of 144,489 shares changing hands.

Analysts Set New Price Targets

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

Global Medical REIT Stock Down 1.1 %

The business has a 50 day moving average of $9.43 and a 200-day moving average of $8.98. The stock has a market cap of $645.39 million, a PE ratio of 44.22, a P/E/G ratio of 1.39 and a beta of 1.24. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 1.20.

Global Medical REIT (NYSE:GMRE) last released its quarterly 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 firm had revenue of $34.24 million for the quarter, compared to analysts’ expectations of $35.24 million. Global Medical REIT had a return on equity of 1.09% and a net margin of 4.18%. During the same quarter in the prior year, the business earned $0.23 EPS. Equities research analysts predict that Global Medical REIT Inc. will post 0.85 EPS for the current fiscal year.

Global Medical REIT Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Friday, September 20th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Friday, September 20th. This represents a $0.84 annualized dividend and a dividend yield of 8.54%. Global Medical REIT’s dividend payout ratio (DPR) is currently 365.22%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Clifford Capital Partners LLC grew its stake in shares of Global Medical REIT by 42.8% in the 2nd quarter. Clifford Capital Partners LLC now owns 63,750 shares of the company’s stock valued at $579,000 after purchasing an additional 19,109 shares during the last quarter. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Global Medical REIT in the 2nd quarter valued at approximately $100,000. The Manufacturers Life Insurance Company grew its stake in shares of Global Medical REIT by 7.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 48,186 shares of the company’s stock valued at $438,000 after purchasing an additional 3,471 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Global Medical REIT by 71.1% in the 2nd quarter. AQR Capital Management LLC now owns 188,931 shares of the company’s stock valued at $1,715,000 after purchasing an additional 78,528 shares during the last quarter. Finally, Beck Capital Management LLC grew its stake in shares of Global Medical REIT by 10.0% in the 2nd quarter. Beck Capital Management LLC now owns 248,422 shares of the company’s stock valued at $2,256,000 after purchasing an additional 22,501 shares during the last quarter. 57.52% of the stock is currently owned by hedge funds and other institutional investors.

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.