OVERSEA CHINESE BANKING Corp Ltd Purchases Shares of 58,073 Global Medical REIT Inc. (NYSE:GMRE)

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

A number of other large investors have also added to or reduced their stakes in GMRE. Geode Capital Management LLC grew its position in Global Medical REIT by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 1,647,979 shares of the company's stock valued at $12,724,000 after buying an additional 25,820 shares during the period. Brown Advisory Inc. grew its position in Global Medical REIT by 21.3% during the first quarter. Brown Advisory Inc. now owns 1,616,524 shares of the company's stock valued at $14,145,000 after buying an additional 283,581 shares during the period. Bank of New York Mellon Corp grew its position in Global Medical REIT by 10.3% during the first quarter. Bank of New York Mellon Corp now owns 1,550,157 shares of the company's stock valued at $13,564,000 after buying an additional 144,671 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Global Medical REIT by 11.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,260,098 shares of the company's stock valued at $9,728,000 after buying an additional 128,449 shares during the period. Finally, Northern Trust Corp grew its position in Global Medical REIT by 10.7% during the fourth quarter. Northern Trust Corp now owns 628,869 shares of the company's stock valued at $4,855,000 after buying an additional 60,897 shares during the period. 57.52% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Global Medical REIT

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

Wall Street Analysts Forecast Growth

GMRE has been the topic of a number of recent analyst reports. Wall Street Zen lowered Global Medical REIT from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Robert W. Baird reduced their price target on Global Medical REIT from $10.00 to $9.00 and set a "neutral" rating on the stock in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Global Medical REIT presently has a consensus rating of "Hold" and an average price target of $10.44.

Global Medical REIT Stock Up 3.6%

NYSE GMRE traded up $0.24 on Thursday, hitting $6.74. 553,078 shares of the stock were exchanged, compared to its average volume of 612,169. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 1.44. Global Medical REIT Inc. has a fifty-two week low of $6.05 and a fifty-two week high of $10.46. The company has a market cap of $450.37 million, a PE ratio of 96.09, a PEG ratio of 1.15 and a beta of 1.15. The company has a 50-day moving average price of $6.73 and a 200-day moving average price of $7.47.

Global Medical REIT (NYSE:GMRE - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.23 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.23. The firm 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 2.18% and a net margin of 7.32%. Sell-side analysts anticipate that Global Medical REIT Inc. will post 0.81 EPS 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 issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 8.9%. Global Medical REIT's dividend payout ratio is presently 857.14%.

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.