The Manufacturers Life Insurance Company Buys 3,471 Shares of Global Medical REIT Inc. (NYSE:GMRE)

The Manufacturers Life Insurance Company boosted its stake in Global Medical REIT Inc. (NYSE:GMRE) by 7.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 48,186 shares of the company’s stock after acquiring an additional 3,471 shares during the period. The Manufacturers Life Insurance Company’s holdings in Global Medical REIT were worth $438,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in GMRE. Vanguard Group Inc. lifted its position in Global Medical REIT by 1.2% during the first quarter. Vanguard Group Inc. now owns 6,213,404 shares of the company’s stock valued at $54,367,000 after buying an additional 76,267 shares during the period. Bank of New York Mellon Corp lifted its position in Global Medical REIT by 78.5% during the second quarter. Bank of New York Mellon Corp now owns 1,183,477 shares of the company’s stock valued at $10,746,000 after buying an additional 520,583 shares during the period. Sound Income Strategies LLC lifted its position in Global Medical REIT by 10.0% during the first quarter. Sound Income Strategies LLC now owns 1,075,129 shares of the company’s stock valued at $9,407,000 after buying an additional 97,630 shares during the period. LSV Asset Management lifted its position in Global Medical REIT by 114.0% during the first quarter. LSV Asset Management now owns 1,038,650 shares of the company’s stock valued at $9,088,000 after buying an additional 553,408 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Global Medical REIT by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 872,996 shares of the company’s stock valued at $7,927,000 after buying an additional 6,676 shares during the period. Institutional investors own 57.52% of the company’s stock.

Global Medical REIT Price Performance

GMRE opened at $9.59 on Thursday. The stock has a 50-day moving average price of $9.45 and a 200-day moving average price of $9.10. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a market cap of $628.99 million, a PE ratio of 41.70, a P/E/G ratio of 1.37 and a beta of 1.25. Global Medical REIT Inc. has a 1 year low of $7.98 and a 1 year high of $11.59.

Global Medical REIT (NYSE:GMRE) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.25). The company had revenue of $34.24 million during the quarter, compared to analysts’ expectations of $35.24 million. Global Medical REIT had a return on equity of 1.09% and a net margin of 4.18%. During the same period in the prior year, the firm earned $0.23 EPS. Sell-side analysts predict that Global Medical REIT Inc. will post 0.85 earnings per share for the current fiscal year.

Global Medical REIT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Friday, September 20th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 8.76%. The ex-dividend date of this dividend was Friday, September 20th. Global Medical REIT’s dividend payout ratio is presently 365.22%.

Analysts Set New Price Targets

Separately, Alliance Global Partners started coverage on Global Medical REIT in a research report on Thursday, September 19th. They set a “buy” rating and a $12.00 price objective for the company.

Global Medical REIT 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.