Global Medical REIT (NYSE:GMRE) Hits New 52-Week 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 Friday . The stock traded as low as $7.33 and last traded at $7.52, with a volume of 1004388 shares trading hands. The stock had previously closed at $7.63.

Analysts Set New Price Targets

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

Global Medical REIT Stock Performance

The stock has a 50 day moving average price of $8.38 and a two-hundred day moving average price of $9.04. The company has a market cap of $502.36 million, a P/E ratio of -375.81, a price-to-earnings-growth ratio of 1.46 and a beta of 1.23. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 1.26.

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

Global Medical REIT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 8th. Shareholders of record on Friday, December 20th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 11.17%. The ex-dividend date of this dividend was Friday, December 20th. Global Medical REIT’s dividend payout ratio is currently -4,200.00%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Franklin Resources Inc. raised its stake in Global Medical REIT by 228.9% in the third quarter. Franklin Resources Inc. now owns 114,988 shares of the company’s stock valued at $1,073,000 after purchasing an additional 80,030 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Global Medical REIT by 158.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 120,614 shares of the company’s stock valued at $1,195,000 after acquiring an additional 73,965 shares during the last quarter. Barclays PLC raised its stake in Global Medical REIT by 87.1% during the third quarter. Barclays PLC now owns 154,051 shares of the company’s stock worth $1,527,000 after acquiring an additional 71,704 shares in the last quarter. Duncan Williams Asset Management LLC bought a new position in shares of Global Medical REIT in the third quarter worth about $538,000. Finally, State Street Corp grew its holdings in shares of Global Medical REIT by 1.5% during the 3rd quarter. State Street Corp now owns 1,924,433 shares of the company’s stock valued at $19,468,000 after purchasing an additional 28,444 shares during the last quarter. 57.52% of the stock is owned by 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.