Global Medical REIT Inc. (NYSE:GMRE) Short Interest Down 79.2% in September

Key Points

• Global Medical REIT Inc. experienced a significant drop in short interest, down 79.2% in September, from 2,790,000 shares to 581,000 shares.
• The company recently declared a quarterly dividend of $0.75 per share, representing an annualized payout of $3.00 and a yield of 9.0%, up from its previous dividend of $0.15.
• Zacks Research upgraded Global Medical REIT from a "hold" rating to a "strong-buy" rating, with an average price target of $49.58.

Global Medical REIT Inc. (NYSE:GMRE - Get Free Report) was the recipient of a significant drop in short interest in September. As of September 15th, there was short interest totaling 581,000 shares, a drop of 79.2% from the August 31st total of 2,790,000 shares. Based on an average daily trading volume, of 170,900 shares, the short-interest ratio is currently 3.4 days. Based on an average daily trading volume, of 170,900 shares, the short-interest ratio is currently 3.4 days.

Hedge Funds Weigh In On Global Medical REIT

Several institutional investors and hedge funds have recently bought and sold shares of GMRE. ProShare Advisors LLC lifted its stake in shares of Global Medical REIT by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 17,111 shares of the company's stock valued at $132,000 after purchasing an additional 5,629 shares during the period. Squarepoint Ops LLC purchased a new position in shares of Global Medical REIT in the 4th quarter worth about $82,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Global Medical REIT by 7.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 129,965 shares of the company's stock worth $1,003,000 after purchasing an additional 9,351 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Global Medical REIT in the fourth quarter worth $951,000. Finally, GAMMA Investing LLC raised its stake 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 worth $63,000 after purchasing an additional 7,190 shares during the last quarter. 57.52% of the stock is currently owned by institutional investors.

Global Medical REIT Stock Performance

Shares of GMRE stock traded down $0.23 on Wednesday, hitting $33.48. 39,287 shares of the stock were exchanged, compared to its average volume of 136,168. 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 firm has a market capitalization of $447.83 million, a PE ratio of 95.66 and a beta of 1.16. Global Medical REIT has a one year low of $30.27 and a one year high of $49.00. The firm's 50 day moving average is $35.59 and its two-hundred day moving average is $35.82.

Global Medical REIT (NYSE:GMRE - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $1.15 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.15. The business had revenue of $37.88 million for the quarter, compared to analysts' expectations 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. Sell-side analysts expect that Global Medical REIT will post 0.81 earnings per share for the current fiscal year.

Global Medical REIT declared that its Board of Directors has authorized a share buyback plan on Wednesday, August 13th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 11.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company's management believes its stock is undervalued.

Global Medical REIT Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 29th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 9.0%. This is a positive change from Global Medical REIT's previous quarterly dividend of $0.15. Global Medical REIT's payout ratio is 857.14%.

Wall Street Analyst Weigh In

Separately, Zacks Research upgraded Global Medical REIT from a "hold" rating to a "strong-buy" rating in a report on Wednesday, September 24th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $49.58.

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.

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