Boenning Scattergood reissued their buy rating on shares of Global Medical REIT (NYSE:GMRE) in a research report released on Friday morning, AnalystRatings.com reports. The firm currently has a $11.00 target price on the stock.
“We think that GMRE could have purchasing power remaining, on the order of $25 million to $35 million, and that incremental acquisition activity in 2019 will be funded by the newly expanded credit facility and ATM offerings. While GMRE’s portfolio acquisition offered an attractive ROI, we think that future acquisitions will be one-off properties — probably medical office – priced around its sweet spot of $10 million on average. Based on what we know about the timing of acquisitions in April and what we estimate in terms of acquisition activity over the balance of the year, we are raising our forward NAV estimate from $10.30 to $10.50.”,” the firm’s analyst commented.
GMRE has been the topic of several other research reports. B. Riley set a $11.00 price objective on shares of Global Medical REIT and gave the company a buy rating in a report on Friday, March 8th. Zacks Investment Research upgraded shares of Global Medical REIT from a hold rating to a buy rating and set a $11.00 price objective on the stock in a report on Wednesday, February 13th. Finally, Stifel Nicolaus assumed coverage on shares of Global Medical REIT in a report on Monday, April 15th. They set a buy rating and a $11.00 price objective on the stock. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $10.67.
Global Medical REIT (NYSE:GMRE) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.18). Global Medical REIT had a net margin of 21.38% and a return on equity of 6.23%. The company had revenue of $15.20 million for the quarter, compared to analyst estimates of $15.32 million. Equities analysts anticipate that Global Medical REIT will post 0.83 EPS for the current year.
In related news, Director Roscoe M. Moore, Jr. sold 5,945 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $9.75, for a total value of $57,963.75. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 11.70% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of GMRE. Bank of New York Mellon Corp grew its position in Global Medical REIT by 3.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 190,096 shares of the company’s stock worth $1,791,000 after purchasing an additional 5,543 shares in the last quarter. Martingale Asset Management L P bought a new stake in Global Medical REIT in the 3rd quarter worth about $285,000. BlackRock Inc. grew its position in Global Medical REIT by 0.9% in the 3rd quarter. BlackRock Inc. now owns 1,020,193 shares of the company’s stock worth $9,609,000 after purchasing an additional 9,460 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Global Medical REIT by 15.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 69,486 shares of the company’s stock worth $655,000 after purchasing an additional 9,434 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Global Medical REIT by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 899,741 shares of the company’s stock worth $8,475,000 after purchasing an additional 7,614 shares in the last quarter. Institutional investors own 35.28% of the company’s stock.
Global Medical REIT Company Profile
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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