Global Medical REIT (NYSE:GMRE) Upgraded to Hold at Wall Street Zen

Key Points

• Global Medical REIT (NYSE: GMRE) has been upgraded from a "sell" to a "hold" rating by analysts at Wall Street Zen, indicating a shift in investor sentiment.
• The company currently has a consensus price target of $42.50 and has seen several research firms raise their ratings on its stock.
• Global Medical REIT recently authorized a $50 million share repurchase plan, suggesting that the board believes the stock is undervalued.

Global Medical REIT (NYSE:GMRE - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday.

Several other research firms have also issued reports on GMRE. Weiss Ratings reissued a "hold (c-)" rating on shares of Global Medical REIT in a report on Wednesday, October 8th. Zacks Research raised shares of Global Medical REIT from a "hold" rating to a "strong-buy" rating in a report on Wednesday, September 24th. Citizens Jmp raised shares of Global Medical REIT from a "market perform" rating to an "outperform" rating and set a $40.00 price objective for the company in a report on Monday, October 13th. Citigroup raised shares of Global Medical REIT to an "outperform" rating in a report on Monday. Finally, JMP Securities set a $40.00 price objective on shares of Global Medical REIT and gave the company a "market outperform" rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Global Medical REIT presently has an average rating of "Moderate Buy" and a consensus target price of $42.50.

Global Medical REIT Trading Down 2.0%

Global Medical REIT stock opened at $31.91 on Friday. The firm has a 50 day moving average of $35.03 and a 200 day moving average of $34.86. The firm has a market capitalization of $427.01 million, a price-to-earnings ratio of 91.19 and a beta of 1.19. Global Medical REIT has a 12-month low of $30.09 and a 12-month high of $48.13. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 1.56.

Global Medical REIT (NYSE:GMRE - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $1.15 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.15. The company had revenue of $37.88 million during the quarter, compared to analyst estimates of $35.57 million. Global Medical REIT had a net margin of 7.32% and a return on equity of 2.21%. 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 will post 0.81 earnings per share for the current year.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of GMRE. Strs Ohio grew its holdings in shares of Global Medical REIT by 3,810.1% in the second quarter. Strs Ohio now owns 426,200 shares of the company's stock valued at $2,954,000 after purchasing an additional 415,300 shares in the last quarter. Gabelli Funds LLC purchased a new position in shares of Global Medical REIT in the second quarter valued at $2,829,000. Invesco Ltd. grew its holdings in shares of Global Medical REIT by 30.5% in the second quarter. Invesco Ltd. now owns 1,518,668 shares of the company's stock valued at $10,524,000 after purchasing an additional 355,355 shares in the last quarter. Brown Advisory Inc. grew its holdings in shares of Global Medical REIT by 21.3% in the first quarter. Brown Advisory Inc. now owns 1,616,524 shares of the company's stock valued at $14,145,000 after purchasing an additional 283,581 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in shares of Global Medical REIT by 2,208.2% in the second quarter. Marshall Wace LLP now owns 291,708 shares of the company's stock valued at $2,022,000 after purchasing an additional 279,070 shares in the last quarter. 57.52% of the stock is owned by hedge funds and other institutional investors.

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.

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