Nuveen LLC Acquires Shares of 173,193 Global Medical REIT Inc. $GMRE

Key Points

• Nuveen LLC added a new stake in Global Medical REIT Inc., acquiring 173,193 shares valued at approximately $1.5 million, representing about 0.26% of the company.
• CEO Mark Okey Decker, Jr. purchased 57,332 shares of the company's stock for around $372,658, increasing his ownership by 55.84%.
• The company's Board of Directors initiated a $50 million stock buyback program, indicating management's belief that the shares are undervalued.

Nuveen LLC purchased a new position in shares of Global Medical REIT Inc. (NYSE:GMRE - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 173,193 shares of the company's stock, valued at approximately $1,515,000. Nuveen LLC owned 0.26% of Global Medical REIT at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Quarry LP raised its position in shares of Global Medical REIT by 111.5% during the fourth quarter. Quarry LP now owns 4,940 shares of the company's stock worth $38,000 after purchasing an additional 2,604 shares during the period. GAMMA Investing LLC grew its holdings in shares of Global Medical REIT by 11,234.4% during the first quarter. GAMMA Investing LLC now owns 7,254 shares of the company's stock worth $63,000 after buying an additional 7,190 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of Global Medical REIT during the fourth quarter worth about $82,000. Corton Capital Inc. bought a new position in shares of Global Medical REIT during the fourth quarter worth about $85,000. Finally, Ballentine Partners LLC bought a new position in shares of Global Medical REIT during the first quarter worth about $101,000. Institutional investors and hedge funds own 57.52% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on GMRE shares. Robert W. Baird decreased their price objective on Global Medical REIT from $10.00 to $9.00 and set a "neutral" rating for the company in a report on Thursday, May 8th. Wall Street Zen downgraded Global Medical REIT from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Global Medical REIT presently has an average rating of "Moderate Buy" and a consensus price target of $10.44.

Global Medical REIT Stock Performance

Shares of GMRE traded up $0.16 during mid-day trading on Thursday, reaching $7.52. The company's stock had a trading volume of 74,449 shares, compared to its average volume of 622,995. Global Medical REIT Inc. has a 1-year low of $6.05 and a 1-year high of $10.46. The stock has a market cap of $502.60 million, a P/E ratio of 107.36, a PEG ratio of 1.28 and a beta of 1.16. The business has a 50-day simple moving average of $7.02 and a two-hundred day simple moving average of $7.35. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 1.56.

Global Medical REIT (NYSE:GMRE - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.23 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.23. Global Medical REIT had a return on equity of 2.21% and a net margin of 7.32%.The company had revenue of $37.88 million during the quarter, compared to analysts' expectations of $35.57 million. Global Medical REIT has set its FY 2025 guidance at 0.890-0.930 EPS. As a group, equities research analysts anticipate that Global Medical REIT Inc. will post 0.81 earnings per share for the current fiscal year.

Global Medical REIT Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 29th will be issued a dividend of $0.75 per share. This is a boost from Global Medical REIT's previous quarterly dividend of $0.15. This represents a $3.00 annualized dividend and a yield of 39.9%. Global Medical REIT's dividend payout ratio (DPR) is presently 857.14%.

Global Medical REIT announced that its board has authorized a stock buyback program on Wednesday, August 13th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Mark Okey Decker, Jr. purchased 57,332 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The stock was acquired at an average cost of $6.50 per share, with a total value of $372,658.00. Following the acquisition, the chief executive officer owned 160,000 shares in the company, valued at approximately $1,040,000. This trade represents a 55.84% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last ninety days, insiders purchased 161,350 shares of company stock worth $1,052,016. Company insiders own 8.50% of the company's stock.

Global Medical REIT 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.