Global Medical REIT (NYSE:GMRE) Reaches New 12-Month High - Here's Why

Key Points

• Global Medical REIT shares reached a new 52-week high of $39.79, closing at $38.97 with a trading volume of 60,321 shares.
• The company declared a quarterly dividend of $0.75 per share, increasing from the previous dividend of $0.15, resulting in an annualized yield of 7.6%.
• Global Medical REIT also initiated a $50 million stock repurchase program, indicating management's belief that the stock is undervalued.

Global Medical REIT Inc. (NYSE:GMRE - Get Free Report) shares reached a new 52-week high during trading on Monday . The stock traded as high as $39.79 and last traded at $38.97, with a volume of 60321 shares trading hands. The stock had previously closed at $37.65.

Global Medical REIT Stock Up 1.1%

The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.28 and a current ratio of 0.28. The company has a market cap of $2.55 billion, a PE ratio of 543.69 and a beta of 1.16. The firm has a fifty day simple moving average of $35.82 and a 200 day simple moving average of $36.19.

Global Medical REIT (NYSE:GMRE - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $1.15 EPS for the quarter, meeting the consensus estimate of $1.15. The company had revenue of $37.88 million during 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. Equities research analysts predict that Global Medical REIT Inc. will post 0.81 EPS for the current year.

Global Medical REIT Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 29th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Monday, September 29th. This represents a $3.00 annualized dividend and a dividend yield of 7.9%. This is an increase from Global Medical REIT's previous quarterly dividend of $0.15. Global Medical REIT's dividend payout ratio is presently 857.14%.

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

Insider Buying and Selling at Global Medical REIT

In other news, CEO Mark Okey Decker, Jr. acquired 20,533 shares of Global Medical REIT stock in a transaction dated Tuesday, June 24th. The shares were acquired at an average cost of $32.60 per share, with a total value of $669,375.80. Following the purchase, the chief executive officer directly owned 20,533 shares of the company's stock, valued at approximately $669,375.80. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders bought 32,269 shares of company stock valued at $1,051,984. Insiders own 8.50% of the company's stock.

Hedge Funds Weigh In On Global Medical REIT

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC lifted its stake in shares of Global Medical REIT by 11,234.4% in the 1st 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 in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Global Medical REIT by 70.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 7,379 shares of the company's stock valued at $51,000 after purchasing an additional 3,046 shares in the last quarter. State of Wyoming acquired a new position in shares of Global Medical REIT in the 1st quarter valued at about $65,000. Metis Global Partners LLC acquired a new position in shares of Global Medical REIT in the 2nd quarter valued at about $72,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Global Medical REIT in the 4th quarter valued at about $82,000. 57.52% of the stock is owned by institutional investors and hedge funds.

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.