Global Medical REIT (NYSE:GMRE) to Repurchase $50.00 million in Outstanding Stock

Global Medical REIT (NYSE:GMRE) declared that its board has initiated a stock buyback plan on Wednesday, August 13th, RTT News reports. The company plans to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 11.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Global Medical REIT Trading Down 0.4%

GMRE stock opened at $6.77 on Friday. The firm has a fifty day moving average price of $6.78 and a 200 day moving average price of $7.41. Global Medical REIT has a fifty-two week low of $6.05 and a fifty-two week high of $10.46. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.28 and a current ratio of 0.28. The firm has a market cap of $452.44 million, a PE ratio of 96.64, a price-to-earnings-growth ratio of 1.16 and a beta of 1.15.

Global Medical REIT (NYSE:GMRE) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.23 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.23. The company had revenue of $37.88 million during the quarter, compared to the consensus estimate of $35.57 million. Global Medical REIT had a return on equity of 2.21% and a net margin of 7.32%. Sell-side analysts anticipate that Global Medical REIT will post 0.81 earnings per share for the current fiscal year.

Global Medical REIT Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 9th. Investors of record on Friday, June 20th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 8.9%. Global Medical REIT’s dividend payout ratio is presently 857.14%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Robert W. Baird lowered their price objective on shares of Global Medical REIT from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, May 8th. Wall Street Zen lowered shares of Global Medical REIT from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $10.44.

Insider Transactions at Global Medical REIT

In related news, CEO Mark Okey Decker, Jr. purchased 57,332 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was bought at an average cost of $6.50 per share, for a total transaction of $372,658.00. Following the completion of the transaction, the chief executive officer directly owned 160,000 shares in the company, valued at $1,040,000. This represents a 55.84% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 8.50% of the stock is currently owned by corporate insiders.

Global Medical REIT Company Profile

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.