58,073 Shares in Global Medical REIT Inc. (NYSE:GMRE) Acquired by OVERSEA CHINESE BANKING Corp Ltd

Key Points

• OVERSEA CHINESE BANKING Corp Ltd acquired 58,073 shares of Global Medical REIT Inc. for approximately $508,000, bringing its total ownership to 0.09% as of the latest SEC filing.
• CEO Mark Okey Decker, Jr. purchased 102,668 shares at an average price of $6.52 per share, increasing his ownership significantly.
• Analysts have recently set a new consensus price target of $10.44 for Global Medical REIT, with ratings ranging from "sell" to "buy."

OVERSEA CHINESE BANKING Corp Ltd bought a new stake in shares of Global Medical REIT Inc. (NYSE:GMRE - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 58,073 shares of the company's stock, valued at approximately $508,000. OVERSEA CHINESE BANKING Corp Ltd owned 0.09% of Global Medical REIT at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its holdings in Global Medical REIT by 110.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 13,196 shares of the company's stock worth $115,000 after purchasing an additional 6,936 shares in the last quarter. XTX Topco Ltd purchased a new position in Global Medical REIT during the first quarter valued at approximately $135,000. Allianz Asset Management GmbH bought a new stake in Global Medical REIT during the 1st quarter worth approximately $313,000. Kestra Private Wealth Services LLC bought a new stake in Global Medical REIT during the 1st quarter worth approximately $320,000. Finally, Ballentine Partners LLC purchased a new position in shares of Global Medical REIT during the 1st quarter valued at $101,000. 57.52% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Global Medical REIT

In other news, CEO Mark Okey Decker, Jr. bought 102,668 shares of the firm's stock in a transaction dated Tuesday, June 24th. The stock was purchased at an average price of $6.52 per share, with a total value of $669,395.36. Following the transaction, the chief executive officer owned 102,668 shares of the company's stock, valued at approximately $669,395.36. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GMRE. Robert W. Baird lowered their price objective on Global Medical REIT from $10.00 to $9.00 and set a "neutral" rating on the stock in a research report 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 assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $10.44.

Global Medical REIT Stock Up 1.2%

Shares of GMRE opened at $6.76 on Monday. The company has a debt-to-equity ratio of 1.44, a current ratio of 0.26 and a quick ratio of 0.26. Global Medical REIT Inc. has a 1 year low of $6.05 and a 1 year high of $10.46. The stock has a 50 day simple moving average of $6.71 and a two-hundred day simple moving average of $7.49. The firm has a market cap of $452.04 million, a P/E ratio of 225.41, a P/E/G ratio of 1.15 and a beta of 1.15.

Global Medical REIT (NYSE:GMRE - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.22 earnings per share for the quarter, meeting the consensus estimate of $0.22. Global Medical REIT had a return on equity of 1.68% and a net margin of 5.87%. The firm had revenue of $34.60 million during the quarter, compared to the consensus estimate of $35.49 million. On average, analysts forecast that Global Medical REIT Inc. 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 paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 8.9%. Global Medical REIT's payout ratio is currently 2,000.00%.

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.

Want to see what other hedge funds are holding GMRE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Global Medical REIT Inc. (NYSE:GMRE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.