Key Points
- CEO Mark Okey Decker Jr bought 10,000 shares on November 14 at an average price of $32.58, a $325,800 purchase that raised his holdings to 44,774 shares (a 28.76% increase).
- Global Medical REIT sharply increased its quarterly dividend to $0.75 (from $0.15), equal to a $3.00 annualized payout and a roughly 9.3% yield.
- The company's Board authorized a $50.00 million share buyback program, representing up to about 11.1% of outstanding shares.
Global Medical REIT Inc. (NYSE:GMRE - Get Free Report) CEO Mark Okey Decker, Jr. acquired 10,000 shares of Global Medical REIT stock in a transaction that occurred on Friday, November 14th. The shares were purchased at an average cost of $32.58 per share, with a total value of $325,800.00. Following the completion of the acquisition, the chief executive officer owned 44,774 shares of the company's stock, valued at $1,458,736.92. The trade was a 28.76% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Global Medical REIT Stock Down 1.4%
Global Medical REIT stock opened at $32.28 on Tuesday. Global Medical REIT Inc. has a fifty-two week low of $29.05 and a fifty-two week high of $45.75. The firm has a market capitalization of $432.93 million, a price-to-earnings ratio of -129.14 and a beta of 1.17. The stock's fifty day moving average is $33.31 and its two-hundred day moving average is $33.92. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.52 and a current ratio of 0.52.
Global Medical REIT (NYSE:GMRE - Get Free Report) last released its quarterly earnings data on Tuesday, November 4th. The company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.05 by $0.07. Global Medical REIT had a net margin of 0.79% and a return on equity of 0.25%. The business had revenue of $37.23 million for the quarter, compared to analyst estimates of $38.15 million. Global Medical REIT has set its FY 2025 guidance at 4.500-4.600 EPS. Analysts predict that Global Medical REIT Inc. will post 0.81 EPS for the current fiscal year.
Global Medical REIT declared that its Board of Directors has authorized a share buyback 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 often an indication that the company's board of directors believes its stock is undervalued.
Global Medical REIT Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Monday, September 29th were given a $0.75 dividend. This is a boost from Global Medical REIT's previous quarterly dividend of $0.15. This represents a $3.00 annualized dividend and a dividend yield of 9.3%. The ex-dividend date was Monday, September 29th. Global Medical REIT's dividend payout ratio (DPR) is currently -1,200.00%.
Wall Street Analyst Weigh In
A number of equities research analysts recently issued reports on GMRE shares. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Global Medical REIT in a research note on Thursday. Citizens Jmp upgraded Global Medical REIT from a "market perform" rating to an "outperform" rating and set a $40.00 price objective on the stock in a research report on Monday, October 13th. Robert W. Baird dropped their price objective on Global Medical REIT from $45.00 to $41.00 and set a "neutral" rating for the company in a research report on Tuesday, November 11th. Citigroup raised shares of Global Medical REIT to an "outperform" rating in a research note on Monday, October 13th. Finally, Wall Street Zen cut shares of Global Medical REIT from a "hold" rating to a "sell" rating in a research note on Saturday, November 8th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $41.50.
View Our Latest Stock Report on Global Medical REIT
Hedge Funds Weigh In On Global Medical REIT
Several hedge funds and other institutional investors have recently made changes to their positions in GMRE. Fifth Third Bancorp purchased a new position in Global Medical REIT in the third quarter valued at about $35,000. New York State Teachers Retirement System acquired a new stake in shares of Global Medical REIT in the third quarter valued at about $39,000. Tower Research Capital LLC TRC grew its stake in shares of Global Medical REIT by 70.3% in the second quarter. Tower Research Capital LLC TRC now owns 7,379 shares of the company's stock valued at $51,000 after buying an additional 3,046 shares in the last quarter. State of Wyoming purchased a new stake in shares of Global Medical REIT during the 1st quarter valued at about $65,000. Finally, Metis Global Partners LLC acquired a new position in Global Medical REIT during the 2nd quarter worth approximately $72,000. Institutional investors and hedge funds own 57.52% of the company's stock.
Global Medical REIT Company Profile
(
Get Free Report)
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.
Further Reading
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