Global Medical REIT (NYSE:GMRE) Trading Up 4.8% Following Better-Than-Expected Earnings

Global Medical REIT Inc. (NYSE:GMRE)’s stock price shot up 4.8% during trading on Friday following a stronger than expected earnings report. The stock traded as high as $8.98 and last traded at $8.89. 94,864 shares changed hands during trading, a decline of 80% from the average session volume of 465,031 shares. The stock had previously closed at $8.48.

The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.21. The business had revenue of $35.16 million during the quarter, compared to analysts’ expectations of $34.87 million. Global Medical REIT had a net margin of 3.23% and a return on equity of 0.86%.

Global Medical REIT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 8th. Stockholders of record on Friday, December 20th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $0.84 annualized dividend and a dividend yield of 9.44%. Global Medical REIT’s dividend payout ratio is currently -4,200.00%.

Institutional Investors Weigh In On Global Medical REIT

Several institutional investors have recently added to or reduced their stakes in GMRE. Creative Planning grew its holdings in shares of Global Medical REIT by 13.3% during the third quarter. Creative Planning now owns 22,980 shares of the company’s stock worth $228,000 after purchasing an additional 2,702 shares during the last quarter. International Assets Investment Management LLC boosted its position in shares of Global Medical REIT by 900.1% during the 3rd quarter. International Assets Investment Management LLC now owns 21,313 shares of the company’s stock worth $2,151,000 after purchasing an additional 19,182 shares in the last quarter. First Trust Direct Indexing L.P. boosted its holdings in Global Medical REIT by 25.6% during the third quarter. First Trust Direct Indexing L.P. now owns 20,432 shares of the company’s stock worth $202,000 after buying an additional 4,164 shares in the last quarter. M&G PLC acquired a new stake in shares of Global Medical REIT in the 3rd quarter worth approximately $193,000. Finally, State of New Jersey Common Pension Fund D grew its holdings in Global Medical REIT by 8.0% in the third quarter. State of New Jersey Common Pension Fund D now owns 637,751 shares of the company’s stock valued at $6,320,000 after purchasing an additional 47,500 shares during the last quarter. Hedge funds and other institutional investors own 57.52% of the company’s stock.

Global Medical REIT Price Performance

The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.28 and a current ratio of 0.28. The company’s fifty day simple moving average is $7.95 and its two-hundred day simple moving average is $8.75. The stock has a market capitalization of $594.48 million, a PE ratio of -445.33, a P/E/G ratio of 1.43 and a beta of 1.24.

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.