Global Medical REIT (GMRE) Issues Quarterly Earnings Results, Meets Expectations

Global Medical REIT (NYSE:GMRE) issued its quarterly earnings data on Wednesday, March 7th. The company reported $0.14 earnings per share for the quarter, meeting the consensus estimate of $0.14, Bloomberg Earnings reports. Global Medical REIT had a negative return on equity of 0.91% and a negative net margin of 5.01%. The business had revenue of $9.87 million for the quarter, compared to analysts’ expectations of $10.33 million.

Global Medical REIT (NYSE:GMRE) traded up $0.24 during midday trading on Wednesday, hitting $7.45. The stock had a trading volume of 190,376 shares, compared to its average volume of 136,454. The company has a market cap of $154.23, a PE ratio of -43.82, a price-to-earnings-growth ratio of 1.14 and a beta of 1.04. Global Medical REIT has a 12 month low of $6.45 and a 12 month high of $10.25. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.72.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 10th. Stockholders of record on Thursday, March 22nd will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 10.74%. The ex-dividend date is Wednesday, March 21st. Global Medical REIT’s payout ratio is -470.56%.

Several equities analysts have weighed in on GMRE shares. Zacks Investment Research upgraded Global Medical REIT from a “hold” rating to a “buy” rating and set a $9.50 price objective on the stock in a research note on Tuesday, January 9th. Cantor Fitzgerald started coverage on Global Medical REIT in a research note on Wednesday, March 7th. They set a “buy” rating and a $12.00 price objective on the stock. B. Riley restated a “buy” rating on shares of Global Medical REIT in a research note on Thursday, March 8th. Finally, TheStreet cut Global Medical REIT from a “c-” rating to a “d” rating in a research note on Thursday, February 1st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $10.10.

In other Global Medical REIT news, Chairman Jeffrey Busch bought 6,000 shares of the stock in a transaction dated Tuesday, March 13th. The shares were bought at an average cost of $7.13 per share, for a total transaction of $42,780.00. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 16.51% of the company’s stock.

An institutional investor recently raised its position in Global Medical REIT stock. State Street Corp increased its position in Global Medical REIT Inc (NYSE:GMRE) by 9.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 234,183 shares of the company’s stock after acquiring an additional 20,804 shares during the quarter. State Street Corp’s holdings in Global Medical REIT were worth $2,094,000 as of its most recent SEC filing. 44.55% of the stock is currently owned by institutional investors and hedge funds.

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Global Medical REIT Company Profile

Global Medical REIT Inc is engaged primarily in the acquisition of licensed, purpose-built healthcare facilities and the leasing of these facilities to clinical operators with market share. The Company’s strategy is to produce increasing, reliable rental revenue by expanding its portfolio, and leasing its healthcare facilities to market operators under long-term triple-net leases.

Earnings History for Global Medical REIT (NYSE:GMRE)

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