Global Medical REIT Stock to Reverse Split on Monday, September 22nd (NYSE:GMRE)

Key Points

• Global Medical REIT is set to conduct a 1-for-5 reverse stock split on September 22nd, adjusting the number of shares owned by shareholders after the market closes on September 21st.
• The company has announced an increase in its quarterly dividend to $0.75 from the previous $0.15, with a dividend yield of 39.5%.
• CEO Mark Okey Decker, Jr. purchased over 102,000 shares of the company stock, indicating confidence in the company's value.

Shares of Global Medical REIT Inc. (NYSE:GMRE - Free Report) are going to reverse split on the morning of Monday, September 22nd. The 1-5 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Sunday, September 21st.

Global Medical REIT Trading Down 2.5%

NYSE:GMRE traded down $0.19 on Friday, hitting $7.54. The stock had a trading volume of 2,583,387 shares, compared to its average volume of 700,786. 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 cap of $504.28 million, a price-to-earnings ratio of 107.71 and a beta of 1.16. The company has a fifty day moving average price of $7.15 and a two-hundred day moving average price of $7.25. Global Medical REIT has a 1-year low of $6.05 and a 1-year high of $9.98.

Global Medical REIT (NYSE:GMRE - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.23 EPS for the quarter, hitting the consensus estimate of $0.23. Global Medical REIT had a net margin of 7.32% and a return on equity of 2.21%. The firm 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. Equities research analysts expect that Global Medical REIT will post 0.81 earnings per share for the current fiscal year.

Global Medical REIT Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 29th will be given a $0.75 dividend. 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 39.8%. This is a boost from Global Medical REIT's previous quarterly dividend of $0.15. Global Medical REIT's payout ratio is currently 857.14%.

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

Insider Activity at Global Medical REIT

In other news, CEO Mark Okey Decker, Jr. bought 57,332 shares of Global Medical REIT stock in a transaction dated Wednesday, June 25th. The stock was bought at an average price of $6.50 per share, for a total transaction of $372,658.00. Following the purchase, the chief executive officer owned 160,000 shares of the company's stock, valued at approximately $1,040,000. The trade was a 55.84% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have acquired 161,350 shares of company stock valued at $1,052,016. 8.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Global Medical REIT

Large investors have recently made changes to their positions in the stock. D.A. Davidson & CO. increased its holdings in Global Medical REIT by 8.5% during the 1st quarter. D.A. Davidson & CO. now owns 494,238 shares of the company's stock valued at $4,325,000 after acquiring an additional 38,577 shares in the last quarter. Jane Street Group LLC boosted its position in shares of Global Medical REIT by 120.7% in the fourth quarter. Jane Street Group LLC now owns 102,125 shares of the company's stock worth $788,000 after acquiring an additional 55,844 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Global Medical REIT by 10.3% in the first quarter. Bank of New York Mellon Corp now owns 1,550,157 shares of the company's stock worth $13,564,000 after acquiring an additional 144,671 shares during the last quarter. Deutsche Bank AG lifted its position in Global Medical REIT by 76.6% during the first quarter. Deutsche Bank AG now owns 80,435 shares of the company's stock valued at $704,000 after buying an additional 34,891 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position 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 worth $63,000 after purchasing an additional 7,190 shares in the last quarter. Hedge funds and other institutional investors own 57.52% of the company's stock.

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.