Global Medical REIT (NYSE:GMRE) Hits New 12-Month Low – Here’s What Happened

Global Medical REIT Inc. (NYSE:GMRE)’s stock price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $7.95 and last traded at $7.95, with a volume of 872976 shares traded. The stock had previously closed at $8.12.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on GMRE shares. Alliance Global Partners started coverage on shares of Global Medical REIT in a report on Thursday, September 19th. They issued a “buy” rating and a $12.00 price objective for the company. Berenberg Bank began coverage on Global Medical REIT in a research note on Friday, October 18th. They set a “buy” rating and a $11.75 price target for the company.

Global Medical REIT Stock Performance

The firm’s fifty day moving average is $8.93 and its 200 day moving average is $9.20. The firm has a market capitalization of $531.08 million, a price-to-earnings ratio of -397.30, a PEG ratio of 1.47 and a beta of 1.21. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.28 and a quick ratio of 0.28.

Global Medical REIT (NYSE:GMRE) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.18). Global Medical REIT had a net margin of 3.23% and a return on equity of 0.86%. The firm had revenue of $34.26 million for the quarter, compared to analyst estimates of $34.88 million. During the same period in the previous year, the business posted $0.23 EPS. On average, analysts predict that Global Medical REIT Inc. will post 0.83 EPS for the current fiscal year.

Global Medical REIT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Friday, December 20th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 10.57%. The ex-dividend date is Friday, December 20th. Global Medical REIT’s dividend payout ratio is presently -4,200.00%.

Hedge Funds Weigh In On Global Medical REIT

Institutional investors have recently modified their holdings of the company. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Global Medical REIT during the second quarter valued at about $100,000. Quantinno Capital Management LP bought a new position in shares of Global Medical REIT during the 3rd quarter worth approximately $138,000. Zacks Investment Management grew its position in Global Medical REIT by 12.9% in the third quarter. Zacks Investment Management now owns 14,803 shares of the company’s stock valued at $147,000 after acquiring an additional 1,696 shares during the period. Intech Investment Management LLC acquired a new position in Global Medical REIT during the third quarter worth $150,000. Finally, Versor Investments LP bought a new position in shares of Global Medical REIT during the third quarter valued at $189,000. Institutional investors own 57.52% of the company’s stock.

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.