Global Medical REIT (GMRE) Posts Quarterly Earnings Results, Misses Estimates By $0.22 EPS

Global Medical REIT (NYSE:GMRE) posted its quarterly earnings data on Monday. The company reported $0.01 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.22), MarketWatch Earnings reports. Global Medical REIT had a net margin of 8.00% and a return on equity of 1.91%. The business had revenue of $14.00 million for the quarter, compared to the consensus estimate of $14.34 million.

GMRE stock traded up $0.24 during mid-day trading on Tuesday, reaching $9.30. 33,599 shares of the stock traded hands, compared to its average volume of 123,511. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 1.63. Global Medical REIT has a 52-week low of $6.34 and a 52-week high of $10.05. The firm has a market capitalization of $196.84 million, a PE ratio of 17.22, a P/E/G ratio of 1.23 and a beta of 0.51.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 10th. Shareholders of record on Thursday, September 20th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 8.60%. The ex-dividend date of this dividend was Wednesday, September 19th. Global Medical REIT’s dividend payout ratio is presently 148.15%.

An institutional investor recently raised its position in Global Medical REIT stock. Bank of New York Mellon Corp raised its position in shares of Global Medical REIT Inc (NYSE:GMRE) by 4.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 184,553 shares of the company’s stock after buying an additional 7,143 shares during the quarter. Bank of New York Mellon Corp owned 0.85% of Global Medical REIT worth $1,635,000 at the end of the most recent quarter. 42.01% of the stock is owned by institutional investors and hedge funds.

Several equities analysts have recently weighed in on GMRE shares. Zacks Investment Research upgraded shares of Global Medical REIT from a “hold” rating to a “buy” rating and set a $9.50 price objective for the company in a research report on Wednesday, July 18th. Boenning Scattergood restated a “hold” rating on shares of Global Medical REIT in a research report on Thursday, August 9th. Robert W. Baird started coverage on shares of Global Medical REIT in a research report on Thursday, October 11th. They set an “outperform” rating and a $11.00 price objective for the company. Finally, B. Riley set a $11.00 price objective on shares of Global Medical REIT and gave the company a “buy” rating in a research report on Friday, August 10th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $10.40.

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Global Medical REIT Company Profile

Global Medical REIT, Inc operates as a development stage company that intends to develop and manage a portfolio of healthcare real estate assets and properties. The company was founded on March 18, 2011 and is headquartered in Bethesda, MD.

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Earnings History for Global Medical REIT (NYSE:GMRE)

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