Phocas Financial Corp. Sells 50,275 Shares of Global Medical REIT Inc. (NYSE:GMRE)

Key Points

• Phocas Financial Corp. has decreased its holdings in Global Medical REIT Inc. by 8.1%, now owning approximately 0.86% of the company with a value of $5 million.
• CEO Mark Okey Decker, Jr. purchased 102,668 shares at an average price of $6.52, increasing his ownership significantly and emphasizing confidence in the company's prospects.
• Global Medical REIT reported earnings of $0.22 per share for the last quarter, matching analyst expectations, but the company has cut its dividend to $0.15 per share, raising concerns over its sustainability.

Phocas Financial Corp. lessened its holdings in Global Medical REIT Inc. (NYSE:GMRE - Free Report) by 8.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 572,131 shares of the company's stock after selling 50,275 shares during the period. Phocas Financial Corp. owned approximately 0.86% of Global Medical REIT worth $5,006,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Quarry LP lifted its position in shares of Global Medical REIT by 111.5% during the 4th quarter. Quarry LP now owns 4,940 shares of the company's stock worth $38,000 after buying an additional 2,604 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Global Medical REIT by 11,234.4% in the first quarter. GAMMA Investing LLC now owns 7,254 shares of the company's stock valued at $63,000 after purchasing an additional 7,190 shares during the last quarter. Squarepoint Ops LLC purchased a new position in Global Medical REIT in the 4th quarter valued at about $82,000. Corton Capital Inc. purchased a new position in Global Medical REIT during the fourth quarter worth about $85,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Global Medical REIT during the 4th quarter worth $91,000. 57.52% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Global Medical REIT news, CEO Mark Okey Decker, Jr. purchased 57,332 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was purchased at an average price of $6.50 per share, with a total value of $372,658.00. Following the completion of the purchase, the chief executive officer owned 160,000 shares of the company's stock, 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 document filed with the SEC, which is available at this link. 8.50% of the stock is owned by insiders.

Global Medical REIT Trading Up 3.8%

Shares of GMRE stock traded up $0.25 on Thursday, hitting $6.75. The stock had a trading volume of 231,142 shares, compared to its average volume of 609,945. 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 twelve month low of $6.05 and a twelve month high of $10.46. The company has a fifty day moving average price of $6.73 and a two-hundred day moving average price of $7.47. The firm has a market cap of $451.04 million, a P/E ratio of 95.97, a PEG ratio of 1.15 and a beta of 1.15.

Global Medical REIT (NYSE:GMRE - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.22. Global Medical REIT had a return on equity of 2.18% and a net margin of 7.32%. The business had revenue of $34.60 million for the quarter, compared to analyst estimates of $35.49 million. As a group, 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 firm also recently announced a quarterly dividend, which was paid on Wednesday, July 9th. Shareholders of record on Friday, June 20th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 8.9%. Global Medical REIT's payout ratio is presently 857.14%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on GMRE shares. Robert W. Baird decreased their price objective on shares of 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. Wall Street Zen lowered shares of 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 given a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $10.44.

About Global Medical REIT

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.