Vanguard Group Inc. Raises Position in Global Medical REIT Inc. $GMRE

Key Points

• Vanguard Group Inc. increased its stake in Global Medical REIT by 1.3%, owning 6,400,340 shares worth approximately $56 million after acquiring an additional 82,503 shares.
• Analysts have reduced their ratings on Global Medical REIT, with a notable downgrade from "hold" to "sell" and a target price cut from $10.00 to $9.00.
• The company announced a $50 million share buyback program, indicating that its leadership believes the stock is undervalued.

Vanguard Group Inc. increased its position in Global Medical REIT Inc. (NYSE:GMRE - Free Report) by 1.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,400,340 shares of the company's stock after buying an additional 82,503 shares during the period. Vanguard Group Inc. owned 9.57% of Global Medical REIT worth $56,003,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN grew its stake in shares of Global Medical REIT by 16.9% in the fourth quarter. Wells Fargo & Company MN now owns 68,261 shares of the company's stock worth $527,000 after acquiring an additional 9,880 shares during the last quarter. Legal & General Group Plc lifted its holdings in Global Medical REIT by 2.5% during the 4th quarter. Legal & General Group Plc now owns 61,525 shares of the company's stock worth $475,000 after buying an additional 1,496 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Global Medical REIT during the 4th quarter valued at $1,430,000. First Trust Advisors LP bought a new stake in shares of Global Medical REIT during the 4th quarter valued at $346,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Global Medical REIT by 39.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 228,821 shares of the company's stock valued at $1,767,000 after buying an additional 64,164 shares during the period. Institutional investors and hedge funds own 57.52% of the company's stock.

Analyst Ratings Changes

GMRE has been the topic of several research reports. Robert W. Baird cut their price objective on shares of 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 downgraded shares of Global Medical REIT from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $10.44.

Insider Buying and Selling

In other Global Medical REIT news, CEO Mark Okey Decker, Jr. purchased 57,332 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were purchased at an average cost 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 in the company, valued at $1,040,000. This represents a 55.84% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders purchased 161,350 shares of company stock valued at $1,052,016 in the last quarter. Corporate insiders own 8.50% of the company's stock.

Global Medical REIT Stock Performance

Shares of NYSE GMRE traded up $0.12 during mid-day trading on Friday, reaching $7.50. 553,614 shares of the company were exchanged, compared to its average volume of 771,186. The company's 50-day simple moving average is $6.97 and its 200-day simple moving average is $7.36. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 1.56. The stock has a market capitalization of $501.27 million, a P/E ratio of 107.07, a P/E/G ratio of 1.26 and a beta of 1.15. Global Medical REIT Inc. has a twelve month low of $6.05 and a twelve month high of $10.46.

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

Global Medical REIT announced that its board has approved a stock buyback plan on Wednesday, August 13th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to buy up to 11.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

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.