Global Net Lease (NYSE:GNL) Trading Up 4.6% After Analyst Upgrade

Global Net Lease, Inc. (NYSE:GNL)’s share price shot up 4.6% on Tuesday after KeyCorp upgraded the stock from a sector weight rating to an overweight rating. KeyCorp now has a $9.00 price target on the stock. Global Net Lease traded as high as $7.83 and last traded at $7.83. 438,292 shares changed hands during trading, a decline of 75% from the average session volume of 1,773,316 shares. The stock had previously closed at $7.48.

Other analysts have also issued research reports about the company. JMP Securities reaffirmed a “market outperform” rating and set a $9.00 price objective on shares of Global Net Lease in a research note on Thursday, June 12th. Colliers Securities raised shares of Global Net Lease from a “neutral” rating to a “buy” rating and set a $12.00 target price for the company in a research note on Thursday, August 7th. Finally, B. Riley began coverage on shares of Global Net Lease in a research note on Tuesday, April 22nd. They set a “neutral” rating and a $8.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Global Net Lease currently has an average rating of “Moderate Buy” and an average price target of $9.20.

Insider Transactions at Global Net Lease

In related news, insider Nicholas S. Schorsch sold 7,103,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $7.43, for a total transaction of $52,775,290.00. Following the completion of the sale, the insider owned 19,907,384 shares of the company’s stock, valued at approximately $147,911,863.12. This represents a 26.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Edward M. Jr. Weil sold 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $7.61, for a total transaction of $1,141,500.00. Following the completion of the transaction, the chief executive officer owned 584,053 shares in the company, valued at $4,444,643.33. The trade was a 20.43% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,553,000 shares of company stock worth $56,115,790. Company insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On Global Net Lease

Large investors have recently made changes to their positions in the business. Wells Fargo & Company MN boosted its position in Global Net Lease by 33.8% during the 4th quarter. Wells Fargo & Company MN now owns 139,987 shares of the financial services provider’s stock worth $1,022,000 after purchasing an additional 35,344 shares during the period. Cerity Partners LLC boosted its position in shares of Global Net Lease by 8.1% in the fourth quarter. Cerity Partners LLC now owns 54,517 shares of the financial services provider’s stock worth $416,000 after buying an additional 4,082 shares during the period. Bank of Montreal Can boosted its position in shares of Global Net Lease by 10.6% in the fourth quarter. Bank of Montreal Can now owns 31,694 shares of the financial services provider’s stock worth $231,000 after buying an additional 3,040 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Global Net Lease in the fourth quarter valued at about $593,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Global Net Lease during the 4th quarter valued at about $227,000. Institutional investors and hedge funds own 61.19% of the company’s stock.

Global Net Lease Trading Up 0.3%

The firm has a fifty day moving average of $7.37 and a 200 day moving average of $7.53. The firm has a market capitalization of $1.72 billion, a PE ratio of -5.41 and a beta of 1.20. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.13 and a current ratio of 0.13.

Global Net Lease (NYSE:GNL) last released its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.04. Global Net Lease had a negative return on equity of 9.71% and a negative net margin of 43.75%.The firm had revenue of $124.91 million during the quarter, compared to analysts’ expectations of $138.38 million. Equities research analysts expect that Global Net Lease, Inc. will post 1.26 EPS for the current year.

Global Net Lease Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 16th. Stockholders of record on Friday, July 11th were paid a $0.19 dividend. The ex-dividend date was Friday, July 11th. This represents a $0.76 annualized dividend and a dividend yield of 9.7%. Global Net Lease’s dividend payout ratio is -52.78%.

Global Net Lease Company Profile

Global Net Lease, Inc (NYSE: GNL) is a publicly traded real estate investment trust listed on the NYSE. The firm focused on acquiring a diversified global portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant, mission critical income producing net-leased assets across the United States, Western and Northern Europe.