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Global Medical REIT Inc (NYSE:GMRE) Receives Consensus Rating of "Buy" from Brokerages

Last updated on Tuesday, September 22, 2020 | 2020 MarketBeat

Shares of Global Medical REIT Inc (NYSE:GMRE) have earned a consensus rating of "Buy" from the nine brokerages that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $14.58.

Several brokerages have recently commented on GMRE. ValuEngine raised shares of Global Medical REIT from a "sell" rating to a "hold" rating in a research report on Friday, August 7th. Berenberg Bank began coverage on shares of Global Medical REIT in a research report on Wednesday, July 1st. They set a "buy" rating and a $13.00 price objective for the company. Stifel Nicolaus reaffirmed a "buy" rating and set a $15.00 price objective on shares of Global Medical REIT in a research report on Tuesday, September 1st. Finally, Zacks Investment Research downgraded shares of Global Medical REIT from a "hold" rating to a "sell" rating in a research report on Tuesday, July 14th.

Shares of GMRE stock opened at $13.19 on Tuesday. The company has a market cap of $610.06 million, a price-to-earnings ratio of 164.90 and a beta of 0.75. Global Medical REIT has a 52 week low of $6.98 and a 52 week high of $15.95. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 1.15. The firm has a 50 day moving average of $13.15 and a 200-day moving average of $11.59.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Thursday, September 24th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 6.07%. The ex-dividend date of this dividend is Wednesday, September 23rd. Global Medical REIT's payout ratio is currently 106.67%.

In other Global Medical REIT news, Director Ronald Marston purchased 2,000 shares of Global Medical REIT stock in a transaction that occurred on Wednesday, August 12th. The stock was acquired at an average price of $13.30 per share, with a total value of $26,600.00. Following the transaction, the director now owns 7,830 shares in the company, valued at approximately $104,139. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 9.40% of the company's stock.

A number of large investors have recently modified their holdings of GMRE. Bank of New York Mellon Corp lifted its stake in Global Medical REIT by 431.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,623,313 shares of the company's stock valued at $18,392,000 after acquiring an additional 1,317,662 shares in the last quarter. BlackRock Inc. raised its stake in shares of Global Medical REIT by 16.2% during the 1st quarter. BlackRock Inc. now owns 3,022,953 shares of the company's stock worth $30,593,000 after purchasing an additional 420,388 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Global Medical REIT by 38.7% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 657,297 shares of the company's stock worth $7,448,000 after purchasing an additional 183,442 shares during the period. State Street Corp raised its stake in shares of Global Medical REIT by 19.1% during the 1st quarter. State Street Corp now owns 939,428 shares of the company's stock worth $9,676,000 after purchasing an additional 150,706 shares during the period. Finally, Phocas Financial Corp. raised its stake in shares of Global Medical REIT by 31.0% during the 2nd quarter. Phocas Financial Corp. now owns 627,899 shares of the company's stock worth $7,114,000 after purchasing an additional 148,645 shares during the period. Institutional investors and hedge funds own 64.63% of the company's stock.

About Global Medical REIT

Global Medical REIT, Inc engages in the acquisition of purpose-built healthcare facilities and leasing of those properties to strong healthcare systems and physician groups. The company was founded on March 18, 2011 and is headquartered in Bethesda, MD.

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Analyst Recommendations for Global Medical REIT (NYSE:GMRE)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]

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