Invesco Ltd. Sells 65,762 Shares of Global Medical REIT Inc. $GMRE

Key Points

• Invesco Ltd. has reduced its stake in Global Medical REIT by 5.4%, currently owning approximately $10.18 million worth of shares.
• Global Medical REIT's stock has increased by 4.8% recently, with current market capital at approximately $490.43 million.
• The company has initiated a $50 million share buyback plan, indicating confidence in the stock's value amongst leadership.

Invesco Ltd. trimmed its stake in Global Medical REIT Inc. (NYSE:GMRE - Free Report) by 5.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,163,313 shares of the company's stock after selling 65,762 shares during the quarter. Invesco Ltd. owned about 1.74% of Global Medical REIT worth $10,179,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. D.A. Davidson & CO. grew its holdings in shares of Global Medical REIT by 8.5% during the first quarter. D.A. Davidson & CO. now owns 494,238 shares of the company's stock valued at $4,325,000 after buying an additional 38,577 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of Global Medical REIT by 120.7% during the fourth quarter. Jane Street Group LLC now owns 102,125 shares of the company's stock valued at $788,000 after buying an additional 55,844 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of 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 last quarter. Two Sigma Investments LP grew its holdings in shares of Global Medical REIT by 84.3% during the fourth quarter. Two Sigma Investments LP now owns 347,113 shares of the company's stock valued at $2,680,000 after buying an additional 158,809 shares during the last quarter. Finally, 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 valued at $63,000 after buying an additional 7,190 shares during the last quarter. 57.52% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on GMRE shares. Robert W. Baird reduced 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 report on Thursday, May 8th. Wall Street Zen cut shares of 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 assigned a Hold rating to the company. According to MarketBeat.com, Global Medical REIT has a consensus rating of "Moderate Buy" and a consensus price target of $10.44.

Global Medical REIT Stock Up 1.6%

Shares of GMRE traded up $0.12 during trading hours on Friday, reaching $7.50. 553,614 shares of the stock traded hands, compared to its average volume of 771,186. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 1.56. The stock has a fifty day simple moving average of $6.97 and a 200 day simple moving average of $7.36. Global Medical REIT Inc. has a 52 week low of $6.05 and a 52 week high of $10.46. The company has a market cap of $501.27 million, a price-to-earnings ratio of 107.07, a PEG ratio of 1.28 and a beta of 1.15.

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

Global Medical REIT declared that its board has authorized a share repurchase plan on Wednesday, August 13th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 11.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Global Medical REIT

In other news, CEO Mark Okey Decker, Jr. purchased 102,668 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The shares were bought at an average cost of $6.52 per share, with a total value of $669,395.36. Following the completion of the transaction, the chief executive officer directly owned 102,668 shares of the company's stock, valued at approximately $669,395.36. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have bought 161,350 shares of company stock worth $1,052,016 over the last 90 days. 8.50% of the stock is owned by company insiders.

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.