Bank of New York Mellon Corp Increases Stock Position in Global Medical REIT Inc. (NYSE:GMRE)

Bank of New York Mellon Corp boosted its position in shares of Global Medical REIT Inc. (NYSE:GMRE - Free Report) by 10.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,550,157 shares of the company's stock after buying an additional 144,671 shares during the period. Bank of New York Mellon Corp owned approximately 2.32% of Global Medical REIT worth $13,564,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GMRE. Geode Capital Management LLC raised 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 purchasing an additional 25,820 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Global Medical REIT by 11.4% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,260,098 shares of the company's stock worth $9,728,000 after buying an additional 128,449 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Global Medical REIT by 2.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 877,096 shares of the company's stock worth $6,771,000 after buying an additional 23,993 shares during the period. Pacific Ridge Capital Partners LLC raised its holdings in shares of Global Medical REIT by 31.9% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 712,101 shares of the company's stock worth $5,497,000 after buying an additional 172,171 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Global Medical REIT by 10.7% in the fourth quarter. Northern Trust Corp now owns 628,869 shares of the company's stock worth $4,855,000 after buying an additional 60,897 shares during the period. 57.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Robert W. Baird lowered their price objective on Global Medical REIT from $10.00 to $9.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. B. Riley began coverage on Global Medical REIT in a research report on Thursday, April 3rd. They set a "neutral" rating and a $9.00 price target for the company. Finally, Wall Street Zen cut Global Medical REIT from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $10.44.

Global Medical REIT Stock Performance

Shares of NYSE GMRE traded down $0.05 during midday trading on Tuesday, reaching $7.11. 214,739 shares of the company were exchanged, compared to its average volume of 519,115. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 1.44. Global Medical REIT Inc. has a 1 year low of $6.06 and a 1 year high of $10.46. The stock has a fifty day simple moving average of $6.64 and a 200 day simple moving average of $7.54. The stock has a market cap of $475.12 million, a P/E ratio of 236.91, a PEG ratio of 1.23 and a beta of 1.16.

Global Medical REIT (NYSE:GMRE - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.22 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $35.49 million. On average, research 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. Stockholders of record on Friday, June 20th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 8.44%. Global Medical REIT's payout ratio is 2,000.00%.

Insider Activity

In related news, CEO Mark Okey Decker, Jr. purchased 57,332 shares of Global Medical REIT stock in a transaction dated 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 transaction, the chief executive officer owned 160,000 shares in the company, valued at approximately $1,040,000. The trade was a 55.84% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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.